US workers have lost an estimated $1.3 trillion — roughly $8,900 per worker — because of the Covid-19 pandemic, according to research released Tuesday by the Society for Human Resource Management and Oxford Economics.
Approximately 20% of the loss, $260 billion, represents earnings of those who remain employed, suggesting job losses alone are an incomplete account of Covid-19’s impact.
“This is our reality — and it underscores the urgency with which we must move to safely reopen and return to work,” said Johnny Taylor Jr., SHRM president and CEO.
SHRM’s report also estimated that only 20% of metropolitan areas and 11% of smaller communities will recover to employment levels seen before the pandemic by 2021.
In addition, nearly four in 10 smaller communities are not expected to recover to pre-Covid-19 employment levels by the end of 2024.