Before the COVID-19 pandemic, unemployment was at historically low levels of 3.5%. As the world shutdown in April 2020, the U.S. unemployment rate peaked at 14.7%. Today, unemployment levels have returned to pre-COVID-19 levels and lower. In fact, as of April 2022, 20.8 million of the 22 million (or 95%) jobs lost because of the pandemic have been recovered. (Credit: VectorMine/Adobe Stock)
Inflation is impacting everyone. Every day, we feel the effects of inflation as we fill our gas tanks or shop at the local grocery store. It is not in the news, but inflation and other macroeconomic factors also impact the insurance industry, especially the workers' compensation market.
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