Posted on 05/12/2020 2:00:06 AM PDT by Enlightened1
Many of the coronavirus pandemic layoffs will become permanent job losses, according to a new study with alarming implications for the future of the economy.
Forty-two percent of workers experiencing recent layoffs will suffer permanent job losses, according to a paper circulated by the National Bureau of Economic Research.
The finding is especially grim news because officials are hoping that most of the workers sent home during the pandemic will return quickly to their old jobs. The vast majority of the massive layoffs in response to the pandemic have been on a temporary basis: In April, 18 million of the 20.6 million people who lost work said that their job losses were "temporary," according to the Bureau of Labor Statistics.
"If the pandemic and partial economic shutdown linger for many months, or if pandemics with serious health consequences and high mortality rates become a recurring phenomenon, there will be profound, long-term consequences for the reallocation of jobs, workers and capital across firms and locations," the study said.
The study cited a number of policy actions that may be harmful to the recovery process. It said efforts to preserve the jobs and employment relationships available before the virus outbreak could result in huge costs to taxpayers and the misallocation of resources. On the other hand, there could be benefits of policy reforms that expedite a speedy reallocation of jobs, workers, and capital to new, productive uses during the pandemic.
"If we are correct that many of the lost jobs are gone for good, there are important implications for policy," the study said.
Last week, President Trump vowed that the job losses will be temporary, promising a "phenomenal year" in 2021 following a hopeful recovery from the public health crisis.
(Excerpt) Read more at washingtonexaminer.com ...
“The sky is falling!” (again).
“Babies are dying!” didn’t work.
“The virus gets in through the eyes!” didn’t work.
None of their crap thrown out there to stir up angst is being believed.
Enough already!
I think I'll go take a ride to Dauphin county this week and buy something from one of the rebels who have opened up for business. F the man in the dress and baldy, our governor.
My son has two jobs. One was catering and he quit at the very beginning to give folks that needed the work a chance. His second job put him on full time.
His second job offered to extend his full time another month. He said he found it hard to put 40 hours into the second job working from home so he declined - well, maybe he could do 25 to 30 hrs.
The next day his catering job called him in to work 10 to 20 hours a week. I really thought the catering business was gone - but they are finding ways to adapt.
When the economy revives, people will want to eat out.
It may not be the same restaurant, but restaurants will come back.
Also, many people got used to ordering from restaurants. I was stuck in the idea that if you ordered food to be delivered, it had to be pizza or Chinese. Not any more.
I expect restaurant delivery to become big in the future. It may mean fewer waiters, but more delivery drivers.
If Chester a Riley says it it truly is a revolting development.
There’s no underlying economic reason for this downturn—no bank crash, no housing crash, no nothing. We just decided to stop commerce in its tracks.
I expect the economy to rebound quickly once it is opened.
Can you just here the applaud in the distance. studies find, experts say, experts predict
Followed by, "experts walk back," "experts clarify," "experts adjust predictions." All of which make them less than experts.
Here in “locked down” CT, most blue collar outdoor trades are still working.
Most white collar jobs are being done at home.
There are certain industries (we all know what they are) that are being crushed, and they rely on crowded venues or large crowds to survive.
The impacts are _very_ uneven and _very_ complex.
I think it can get in through, your eyes, actually.
I think starting from a facemask, at an absolute minimum, you also can just wear some sort of covering over your eyes, then increase both of those up to an N-95 mask, and actual goggles.
Yes that can make sense. I wore both, flying in January.
(N-95 mask and goggles)
Absolutely.
Many shopping malls were on the brink.
Nonsense.
Bar and restaurants are going to want their trained and reliable people back.
Study Finds 42% Of Pandemic Layoffs...Is this the same group that came up with a study showing 2 million American deaths?
I see help wanted signs in a couple of the establishments down in the valley that I frequent. This in anticipation for the re-openings next week. Hopefully things bounce back on the pent up demand.
Karens can stay home. It will make for a more pleasant dining out experience.
Agreed. Now is too soon to determine exactly how many of the layoffs were permanent, and we have no idea how easy or how hard it will be for those were permanently laid off to find new positions.
The devastating economic outcome that we are witnessing in shock and horror is what the leftist wanted to accomplish with “global climate change” legislation. This destruction was to supposed happen slowly over a period of years if not decades. However with WuFlu, they got the desired end result all at once! The COVID hype has been like Christmas, New Years and winning the election all rolled into one. In their warped estimation the COVID hoax was the best thing that has ever happened.
There are unfilled jobs that are currently available even in the hard hit NYC metro area. One of the reasons is the $600 unemployment bonus, which makes staying home for many hourly workers as lucrative as going to work without the risk of catching Wuhan Flu. I know contractors who can't get workers from the union hall. I know small businesses who are returning PPP loans because they fear that furloughed workers will not return by June 30 (which is required for loan forgiveness) because the unemployment bonus makes staying home affordable.
And then there is the Wuhan Flu benefits under the Emergency Family Medical Leave Act, which requires -- requires -- small employers to pay employees not to work if they claim they can't work due to Wuhan Flu or its impact. Do you have a 15 year old child who has to stay home because school has been canceled? No problem, stay home with your child and you get 2/3 pay for 12 weeks, and if the employer asks the employee to work remotely during that 12 week period -- even for a few hours -- the Department of Labor may launch an investigation. (At 15 years old, I had a job and my parents routinely left me alone, overnight, on weekends.)
I love how people who have never owned a small business think it will be as easy as pushing the on button.
“I think it can get in through, your eyes, actually.”
Of course; I believe that, too. And probably ears, too, as all of those orifices are connected. Yup. In a couple weeks when citizens have the audacity to start living their lives again, Fauci will start screaming, “Your ears! Your ears! Buy ear plugs!”
My post was just making fun of them WARNING that the virus can enter through your eyes last week as if it were a newly discovered thing. They had told us that back in March, and they assume we’re so STUPID we don’t remember eight weeks in the past. They needed a way to create more fear and angst. Citizens were realizing the hype is a crock and wanted to live like Americans again. (Such audacity!) TPTB can’t have that.
I won’t wear a mask, except if I need to go to a doctor’s office and it’s mandatory. If I die, I die — mask-less, and I don’t care. I will not look like the Asian drones roaming the streets in faraway communist lands.
Since you’re in a high risk category, it makes sense that you wore an N-95 mask and goggles on flights. I can understand if you’re in a high risk category; that makes sense. We flew in January and February, cruised on Princess in February, are over 70, and we’re fine.
Am I the only one who instinctively draws back a step when I read something that begins with the words, “Study finds...” these days?
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