In a startling reversal, the Labor Department reported that the U.S. economy ADDED 2.5 million jobs in May, versus the 8 million drop in payrolls that was expected.
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As colleges conclude their virtual graduation ceremonies, young workers are confronting the grim reality of the worst employment landscape since the Great Depression.
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Analysts have replaced the hopes/predictions of a quick turnaround with a new image: the Nike Swoosh recovery, where the economy crawls out of the cataclysmic hole and takes two or three years to return to where it was prior to the outbreak.
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The U.S. economy lost a staggering 20.5 million jobs in April and the unemployment rate surged to 14.7 percent.
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As some parts of the country reopen from the Pandemic Lockdown, there appear to be three phases that the economy and businesses will move through. I’m calling the process “T-3”, which stands for “TRIAGE, TRANSITION, and TRANSFORMATION.
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Another 4.4 million Americans filed for unemployment benefits in the week ending April 18th, putting the five-week tally at 26 million. To put that astounding number into perspective, it has taken just five weeks to sideline the same number of workers as jobs created since 2009.
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None of us wants to lose that ingrained optimism, it is one of the wonders of being human. But amid the pandemic, it is instructive to look back and forward to change what we do, how we think and what we say, as credible information emerges.
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The International Monetary Fund (IMF) has labeled the pandemic-induced global recession as “The Great Lockdown” and predicted that it would be the worst downturn since the Great Depression, much deeper than the 2008-09 financial crisis.
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