The coronavirus pandemic has affected everyone in some way. Here at Coley Company, we have seen how the pandemic has affected our clients in apparel, textile, and nonwoven product companies. According to the Bureau of Labor Statistics, the unemployment rate in March at the beginning of the pandemic was 4.5%. In April, the unemployment rate jumped to an astonishing 14.7%. The unemployment rate continued to increase and decrease slightly until September when it reached 7.9%.
From March through October, we noticed that many companies were continuing to reduce their workforce due to a decrease in business. Increasing numbers of people were laid off or furloughed during this time period. While layoffs and furloughs have tempered, we have begun to see a very positive change within our client companies.
Within our niche markets, we have recently seen things begin to take a turn for the better. In October, we began numerous new searches for our client companies. In speaking with our clients, we have learned that things are on the mend. There are now new processes that are being started and new products to be made to meet the various demands of the new normal we are all living in. We continue to remain optimistic about the future job market.
2020 has certainly been a whirlwind for everyone. We truly feel that the job market is beginning to see positive changes. Where we stand right now, 2021 is pointing in a positive direction.