Job postings are still far below February's level despite a recent uptick, which shows why unemployment benefits have to be extended past July

• Job-search giant Indeed released data comparing new job postings from this year to last year and found that openings are down 23% compared to pre-pandemic levels in February.
• While some industries are beginning to rebound, job openings are down 24.7% compared to last July.
• The retail and driving industries are currently seeing the largest surge in job postings, while higher-wage occupations struggle to rebound.

After nearly 49 million Americans filed unemployment claims in less than four months due to the novel coronavirus, new data suggests a jobs rebound might be slower than expected.

Job postings are down nearly 23% relative to pre-pandemic levels in February and down 24.7% relative to this time last year, according to Indeed data.

The data suggests a slight increase in jobs since May, when job postings were down 39.3% relative to one year prior.

—Nick Bunker (@nick_bunker) July 7, 2020

The retail and driving industries are currently seeing the largest surge in job postings, with both almost back to a similar number of job postings as last year. Retail has also seen the most significant increase in job postings since May.

Many restaurants and stores have begun to safely reopen across the country, bringing some staff back to work. But a recent spike in reported coronavirus cases has prompted states and business to halt or slow down their reopening plans. Many retail workers also report facing violence and aggression from customers resisting COVID-19 safety guidelines, like wearing masks.

Job postings for higher-wage occupations have fallen the most, according to Indeed, with lower-wage job postings rebounding faster. The job site attributes this to additional time and compensation it takes to lay off a highly paid worker, while low-wage workers can be brought back on a month-to-month basis.

With the current $600 federal bonus to state-level unemployment insurance due to expire at the end of July, the data suggests jobs are not rebounding to pre-pandemic levels in time for every laid-off person to find work. The University of Chicago has estimated that 42% of all jobs lost through April 25 will not come back, CNBC reported.

Widespread, long-term unemployment could have significant ramifications for communities, according to economist Pavlina Tcherneva. Research finds that children of unemployed parents tend to perform worse in school, and populations with high unemployment have more crime.

"We're going to normalize mass unemployment, that's my biggest concern," Tcherneva previously told Business Insider. "This already cruel game of musical chairs becomes even more cruel because there are now far more people looking to land scarce jobs."