Covid-19 impact in US: 4 million workers lost jobs in the US due to Covid-19, $170 billion in annual salary loss

Due to the worldwide pandemic Covid-19, about 4 million people have lost their jobs in America. A new report has revealed that these people who have lost their jobs have lost about $170 billion in annual wages. There is a possibility that this loss could reach $ 230 billion.

According to a non-profit Brookings Institute, if Covid patients do not recover for a long time, then the economic burden on America will increase. According to the report, 'If the number of Covid patients increases by only 10 percent every year for a long time, then the salary loss in the next 10 years will reach half a trillion dollars.'

Had to cut short due to ill health

According to news agency IANS, the latest study published in The Lancet found that 22 percent of people with prolonged covid were unable to work due to ill health, and another 45 percent had to reduce working hours. Nearly 3 million people in the US have lost jobs due to Covid, with an average wage of $1,106 a week, resulting in a salary loss of $168 billion per year.

70 percent reduction in labor force

In the US, Covid has been one of the main reasons for employee absenteeism in a quarter of companies. Harvard University economist David Cutler found that 12 to 17 percent of Covid patients are experiencing three or more symptoms within 12 weeks, and this is reducing the labor force by 70 percent.

Cutler has estimated that 3.5 million people have lost jobs because of the long-term covid infection. There would be a wage loss of $1 trillion in five years, or roughly $200 billion a year. The report said that this number does not represent the full economic loss caused by the pandemic, as it does not include effects such as reduced productivity, health care and patient expenses due to workers becoming ill.