The author talks about how the economic recovery process is a long and slow procedure that holds the economy at risk for the unknown future. He emphasizes the job crisis issue that penetrates deeply into the economy and relates it to the fact that the pandemic squeezed years of change into a few months. The article argues why pandemic job losses are worse compared to past recessions. Similarly, it highlights that big business such as Shell, Disney is laying off thousands of workers, white-collar jobs have dropped by 3.9 worse compared to the 2008 recession and a similar pattern is obvious across other industries. The author suggests that the mechanical effect of shutdowns is causing these high levels of unemployment. He says that a vaccine is not the only cure the economy needs and it will not take us to the pre-pandemic level. As many jobs will no longer exist and massive readjustments will be needed in the labor market that will certainly take a lot of time. Furthermore, it talks about how different sectors like printing services, automobile dealerships, truck transportations, and real estate are adjusting to the new normal. For some industries, it has been easy and profiting and for some, it’s been getting worse.
Considering the structural readjustment, technological advancements and other factors that affect the labor market and employment will it be more easier or difficult to get a job in the future? Comparing low-income to high-income jobs.
https://www.nytimes.com/2020/10/03/upshot/pandemic-economy-recession.html
3 comments:
Although it is scary to think that major employers, such as Shell or Disney, have suffered large layoffs, I am optimistic that the economy can eventually return to normal. Of course, there will be structural changes to the job market, through changes such as an increased remote and virtual work population. However, I believe that after the pandemic, once a vaccine is offered, the economic structure will return to a relatively normal form. Based on recent third quarter financial metrics, we are seeing that jobs are already being added at a fairly healthy rate. While the economy is nowhere near where it needs to be, I hope and believe that the structure of the economy will not be as impacted as many say it will.
The job market will never be the same. Most big and small firms have adjusted themselves after the pandemic and remote work is being adopted across the globe. Some jobs that people have lost will be eliminated entirely but I also think that there will be new jobs created in the market. The increasing use of remote learning and work tools will create a new job market in the tech industry. Then there are some jobs that are not replaceable like the medical industry which has only seen an increase in demand of labor ever since the pandemic struck.
Looking back at what has occurred within the last couple of months is truly devastating. The job market is a large issue and has left many workers discouraged. I do think it will recover, but I don't think that will happen anytime in the near future. Businesses are evolving faster than ever for the COVID environment, but it will be interesting to see what happens once COVID is more contained and there is more economic certainty.
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