The U. The headline jobs gap is large, but the shortfall is also concentrated in the leisure and hospitality industries that may be the slowest to recover given restrictions on some activities like sports events, and the reluctance of some people to mingle too closely.
The NBER panel is cautious. It does not hold regularly scheduled meetings, and likes to let data accumulate "so that the existence of a peak or trough is not in doubt," the committee states in a description of its methods. In the three prior U. Members of the eight-person committee either would not comment about their thinking or did not respond to emailed questions. The old rule of thumb, that a recession involves six months - or two successive quarters - where economic output shrinks, isn't really used any more: By that criteria, there would not have even been a recession this time.
In the short run, a good option for graduates could be to delay the job market by a couple of years. By going to graduate school, they might be able to recover the lost ground of entering the job market during a recession. There are, however, some cautionary tales. Law schools were happy to make money, so they admitted many more students, which led to an oversupply of new young lawyers. And three years after the Great Recession, the economy was still in a bad position, and new lawyers tended to suffer.
For those who will be entering the labor market, they should be willing to take a job, no matter what it is. It looks better on your resume to be doing something than not doing something. It all depends on getting the virus under control and people not being reluctant or unable to consume. Please consider downloading the latest version of Internet Explorer to experience this site as intended.
How the coronavirus recession will end January 21, Research by economists including the University of Rochester's Lisa Kahn offers further evidence that the virus, not lockdowns, is the main force driving economic behavior.
While vaccinations are accelerating in the US and in several nations, our economy is global, a fact that will affect the pace and characteristics of an eventual recovery.
Getty Images photo. This video can not be played To play this video you need to enable JavaScript in your browser. What is a recession? In normal times, a country's economy grows. Image source, Getty Images. Lockdown helped to push the UK into the worst recession on record.
Why does a recession matter? For most people, economic growth is good. So are the good times back? Economic output fell sharply in the spring, and it has bounced back, but not all the way. Are we going back into recession? What is happening around the world? The US and other major economies have seen less deep recessions than the UK. How could a recession affect me?
How long was the last recession? What can be done? Related Topics. Published 12 November Sign up to start a free trial today. Skip Navigation. Key Points. That makes the two-month downturn the shortest in U. The NBER is recognized as the official arbiter of when recessions end and begin.
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