07-03-2020, 10:51 PM
This chart was making the rounds during the Great Recession.
[tweet]https://twitter.com/calculatedrisk/status/1279043049692119040?s=21[/tweet]
Stunning to see how fast the jobs were shed and how quickly they have recovered from the bottom. The questions is whether the recent spate of infections leads to a double dip, or if the jobs continue to come back, or if some subset of the job losses are made permanent.
I honestly have no idea how long it will take to get back to where we were in February 2020. The trajectory back is steep now, and I hope it stays that way, though I think it will flatten out considerably, so that getting back from -9% to 0 will take a lot longer than going from -14% to -9%. I just hope it’s not almost 80 months, like the Great Recession.
BC
[tweet]https://twitter.com/calculatedrisk/status/1279043049692119040?s=21[/tweet]
Stunning to see how fast the jobs were shed and how quickly they have recovered from the bottom. The questions is whether the recent spate of infections leads to a double dip, or if the jobs continue to come back, or if some subset of the job losses are made permanent.
I honestly have no idea how long it will take to get back to where we were in February 2020. The trajectory back is steep now, and I hope it stays that way, though I think it will flatten out considerably, so that getting back from -9% to 0 will take a lot longer than going from -14% to -9%. I just hope it’s not almost 80 months, like the Great Recession.
BC