It used to be pretty easy for most people in America to get a job. But no longer. It used to be that jobs returned swiftly after a recession. But since the 1990s, the labor market seems to have lost much of its natural buoyancy. The past three downturns caused extended periods of underemployment. Years after economic output had fully rebounded, there were still fewer people at work.
Economists have struggled to explain the forces behind these so-called “jobless” recoveries. A popular view is that recessions are times when companies clean house and find ways to become more efficient. In recent decades, that has often meant replacing employees with computers. This could explain why the jobs we lose in a recession don’t seem to return anymore: The positions became obsolete.
I totally agree with this. It’s not easy being out in the job market. Whether it’s the recession, lack of jobs or the competition, finding a job is frustrating and stressful. Are you in this situation? What are your thoughts?