Throughout history, the United States has always been known to exceed the expectations thrust upon it. In this instance, the direction that the United States is heading to handle the economy after the initial impact of the COVID-19 pandemic is no different. In fact, in the month of October alone, the United States exceeded the amount of job growth that analysts predicted. Although there are long challenges ahead for the economy’s recovery, the improvement of job growth in October shows that the future is looking bright for the American economy.
Prior to October, economic analysts predicted that the United States of America will have an estimate economic growth of around 530,000 new jobs during the month. To the surprise of analysts, the United States not only met those expectations, but exceeded them greatly. In October alone, the United States was found to have created 638,000 new jobs in the economy—108,000 more than anticipated. Moreover, the nation’s unemployment rate fell from 7.9%, the rate prior to October, to 6.9% after the months end. Although the American economy has continuously beaten the odds and exceeded expectations, there is still plenty of forces outside businesses’ control that will influence when the economy will fully recover.
Despite the adding of jobs making the United States one step further to progressing back to the great economical norm before COVID-19, there are still many factors that will determine the status of the economy that are outside businesses’ control. Due to ongoing worries about their health and safety, individuals still have a fear of entering public places. This fear will continue to cause companies to transition to methods of selling that will both ensure their customers’ safety as well as maintain their sales revenues. For instance, due to the effects of COVID-19, Old Navy, Macy’s, and Khol’s are now transitioning to a buying option that allows customers to order their products online and pick them up in stores to limit the amount of exposure in public areas. Due to this high demand of online buyers, businesses will have a lower demand for floor workers to assist customers, which ultimately leads to a lower job market. Likewise, in some instances as well, businesses are beginning to permanently close some stores and transition strictly to ecommerce. For example, last month Gap stated to investors that there are plans to permanently close some stores and make a switch to emphasize ecommerce warehouses. Despite the challenges that lie ahead for the nation’s economy, there should be no doubt that with additional time, the United States economy will bounce back.
Although there is a long road ahead, many feel as though the American economy will yet again exceed economical expectations in the future. The month of October alone has shown that the United States economy is resilient beyond any other and will eventually make a full recovery. Especially taking into consideration the advancements in the COVID-19 vaccine, there should be no doubt that the nation is on the right track. In the near future, the United States will prove yet again to be one nation, indivisible, with a great economy not just for some, but for all.