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Equal Opportunity Recession: Almost Everyone Is Feeling It

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Equal Opportunity Recession: Almost Everyone Is Feeling It
Topic: Economics 3:24 am EST, Dec 16, 2001

... The downturn has quickly become one of the broadest on record. ... [Nearly] every large industry ... is shrinking. Almost every state is losing jobs. Unemployment has risen for nearly every group, climbing most sharply for college graduates and others who usually escape the brunt of a downturn. ...

For many younger people, who have known nothing but prosperity since they entered the work force, the new situation has come as a shock. Many without work are unsure how soon they will be able to find a job that pays as much as their old one did. ...

[A Boston-area temp agency] has purged a lot of the not-so-good workers and has been placing the best ones in jobs that they might not have taken before. "People will do stuff today that they would not do even a year ago." ...

[Healthcare is] the single strongest sector in the United States economy today. "... never seen [personnel shortage] as bad as it is now. ... The demand is just incredible." ...

For a long time ... many better-known Silicon Valley companies ... resisted the notion that the bursting of the dot-com bubble last year would affect ... plans. ... CIOs remain pessimistic. ... It is all a vivid illustration of how Silicon Valley's technology firms succumbed to their own mantra that the new economy was unstoppable. ...

Equal Opportunity Recession: Almost Everyone Is Feeling It



 
 
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