LinkedIn Launched A New Tool To Measure Various Impacts Of The Coronavirus Pandemic

For a brief time, it looked like that the world is recovering from the pandemic. However, the COVID-19 cases are on the rise yet again, and many people are re-assessing the situation of the market and the potential for recovery from the pandemic. It seems that the world will have to deal with the pandemic for some months.

The United States economy went from full employment to the worst jobless rate in only three months during the pandemic. The question arises what will be the future of the world economy. LinkedIn launched a new tool this week to measure the key economic indicators during the pandemic. The tool is called Recovery Tracker and it provides insights into how the impacts of the pandemic are changing over time.

According to George Anders, Senior editor at large, LinkedIn, the new US Recovery Tool will tap into the labor market data. LinkedIn has around 690 million worldwide members and over 160 million of these members are located in the United States. The key areas of the data provided by the platform include member hiring, worker confidence, and job postings, LinkedIn added.

The Recovery Tracker tool will highlight key trends in various areas such as new COVID-19 cases, initial unemployment claims, LinkedIn labor stress index, LinkedIn Hiring Rate, job postings, small business job postings, and confidence in employer outlook. The LinkedIn Labor Stress Index tracks the number of people who are seeking new jobs.

According to the data provided by the platform, the United States labor market has not improved since the mid of April 2020. In a three week span, over 16 million initial unemployment claims were filed by the members. LinkedIn provided a chart in which three out of five data signals are color-coded red dark. This color represents the worst showing, while two are color-coded orange. This color represents below baseline performance. The blue color-coded data signals indicate that the performance is better.

These insights could help business owners to understand key market elements. If you want to keep yourself updated with the new US Recovery Tracker tool, you can subscribe to the Workforce Insights newsletter of the platform. We hope that the chart will start to look a lot bluer in the upcoming few months. The upcoming editions of LinkedIn’s Workforce Insights newsletter will provide updates on the overall Recovery Tracker and in-depth looks at particular industries.

Read next: How Coronavirus Is Affecting the Digital Labour Market
Previous Post Next Post