Although the U.S. has largely reopened and a significant portion of the population is vaccinated, as Labor Day nears the national unemployment rate is still far higher than it was prior to the pandemic, at 5.4% as of July 2021. This has the nation’s workers understandably concerned.
WalletHub conducted a national survey, which found that nearly 1 in 3 Americans currently worry about job security. However, their concern will not stop Americans from hitting the road or the skies. According to the survey’s results, 48% more people will travel this Labor Day than last year. This coincides with 57% of Americans have unused vacation days since 2020.
Retail should be cautiously optimistic this weekend as the survey results find 24% will shop more. 38% of people do not think Congress should continue to give extra unemployment benefits.
The results of the survey also confirm that most Americans are scared of the new variants such as Delta. 81% of Americans think that new COVID variants will have a negative impact on the economy. Finally, a big result of the survey confirms that many people do support restrictions based on vaccination status. To be specific, half of Americans think it’s good for the economy to restrict indoor venues to people who are vaccinated only.
Reel 360 had a chance to speak with WalletHub analyst Jill Gonzalez about the findings.
How do Americans’ plans for this Labor Day compare to last year?
Americans are a lot more confident to celebrate Labor Day this year than they were last year, with 48% more people planning to travel and 24% more planning to go shopping. This makes sense considering that last year lockdowns were in effect across the country and Americans were not able to have large gatherings, while this year most COVID-related restrictions have been removed.
The increase in travel and spending plans is also encouraging news for businesses, as they will likely see a big revenue boost and will consequently be able to hire more.
Do Americans think the government should continue to provide extra unemployment benefits?
Around 38% of people don’t think the government should continue to provide extra unemployment benefits. While that’s not the majority opinion, it is one that should be taken seriously. In some cases, people are making more money collecting unemployment benefits than they were while working, which is leaving some businesses unable to find workers despite having open positions. The extra unemployment benefits were very necessary during the height of the pandemic, but the job market has experienced enough of a recovery that they are no longer needed.
Are people concerned about new COVID-19 variants?
Americans are very concerned about new COVID-19 variants, especially in a financial sense. Around 81% of Americans think that new COVID-19 variants will have a negative impact on the economy. The best way to prevent variants from hurting the economy is to get as many people vaccinated as possible. Research has shown that so far, the available vaccines are effective against variants, too.”
The survey results are not all doom and gloom. For instance, according to WalletHub’s Labor Day Fun Facts report 42% of organizations have made or plan to make changes to time-off policies in light of the pandemic. And 818 hot dogs are eaten every second from Memorial Day to Labor Day.
To read the rest of WalletHub’s Labor Day Survey, click here.
