Wednesday, April 22, 2020
The US economy has erased nearly all the job gains since the Great Recession
The US economy has erased nearly all the job gains since the Great Recession
As stated in the article, soon the US will have exceeded the number of jobs lost during the Great Recession.. all of this happening in just the past 5 weeks. The last time this happened, it took 11 years for us to recover. How do you think they plan to rectify this situation this time around? What industries do you think will pick up extra employees considering a lot of companies went out of business for good?
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4 comments:
I believe that the economy will still be able to recover quicker from this than we did after the recession. The entire economy will most likely receive a jolt of energy when we first are released, but it will be interesting to see if that jolt is large enough. Also I do expect to see a lot of job shifting with many people losing their jobs but still being completely qualified for a position elsewhere. Hopefully one positive that will come of this is that some people will be able to shift jobs and be happier with where they are at.
I agree with Joey, I think we know what to expect and we come more prepared this time around to what the economy may do. I definitely agree that the economy will recover faster and will most definitely get a jolt once the crisis slows down and we are able to go out and jobs are back on the market. The question becomes whether or not the jobs and companies will be able to spring back in time to recover the economy in a timely fashion.
I feel that this will likely be a quicker recovery this time, due to how much the country has changed since then, and the fact that this was due to a virus and not something more business related. My guess is the first industries to recover are jobs which can be done remotely and digitally, as they probably will be the first ones to hire first. Examples of this are places such as digital marketing firms, as they have continued to work just as much during this epidemic as they normally do.
Some companies will pick up a few employees because of the climate, but that will be heavily outweighed by the amount of jobs lost during this time. I think that our recovery will be much more quick this time as opposed to the Great Recession. Big businesses can survive and they will be able to reopen operations much more easily then smaller businesses, it will take some time for the smaller business to recover though. The amount of time this is going to take depends just on how long this last, and we are far from being done with this pandemic.
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