The economy in the U.S. has been brought to a halt by COVID-19, forcing businesses across the country to close their doors, sending millions of workers out of a job. As of April 2020. Unemployment in the U.S. reached a staggering 14.7% – the highest ever recorded since 1939. In some states, as many as 1 out of every 4 people are out of work and 43 states have record-breaking unemployment levels. This has caused the National Bureau of Economic Research to declare on June 8, 2020, that the U.S. is officially in a recession.
Some of the economic changes that have happened during COVID-19 are here to stay. Remote work during COVID-19 has grown in both popularity and necessity, as in the midst of the COVID-19 pandemic, 2 out of every 3 Americans are starting to work remotely and 3 in 5 want to keep working from home, even after the end of the pandemic. Tech for remote work is also going in high demand – chromebooks, webcams, monitors, headsets, and keyboards are all seeing massive increases in sales during COVID-19. Software for remote work has also seen enormous amounts of growth. Zoom has gained over 190 million daily users over the course of just 3 months, Google Suite has had over 1 million paying businesses in February alone, and Google Meet has had a 30 times increase in daily users.
During economic recessions, many inventions and innovations have been created and these tough times can be the kick that your business needs to start changing things up. The Great Recession in 2008 sparked the creation of companies such as Uber, WhatsApp, Slack, Airbnb, and more.
Learn more about what economic recovery from COVID-19 may look like and how remote work may come out on top here: