Holy Cross Economics Professor Says Vaccine Distribution Is Key to Restoring Economic Stability in the U.S.

Which U.S. states' workforces are experiencing the quickest recovery from COVID-19 and how is vaccine distribution affecting the job market's ability to recover? 

Joshua Congdon-Hohman, associate professor of economics at Holy Cross specializing in labor economics, was recently interviewed by WalletHub on this matter, for a report comparing the 50 states and the District of Columbia based on changes in unemployment claims.

According to Congdon-Hohman, in order to have a better understanding of the health of the labor market it is important to examine "other labor market measures like extended definitions of unemployment, the labor force participation rate and the employment-to-population ratio" and not just the headline unemployment rate. 

Congdon-Hohman also believes that efficient vaccine distribution is essential to the economy's ability to recover. "Vaccine distribution is the key to a full recovery in the service industry, which is a significant portion of the U.S. economy," says Congdon-Hohman. "Even as states relax restrictions, the economy will not truly begin to flourish until people have confidence that it is safe to return to their activities from their pre-pandemic lives."

To read the full article, go to WalletHub.com.