If their forecast of 8 million jobs lost in May proves correct, it would come on top of April’s loss of 20.5 million jobs — the worst monthly loss on record — and bring total job cuts in the three months since the viral outbreak intensified to nearly 30 million. That’s more than three times the jobs lost in the 2008-2009 Great Recession. That is still more than all the jobs lost in the Great Recession. Oxford Economics, a consulting firm, estimates that the economy will regain 17 million jobs by year’s end, a huge increase by historic standards. Adam Ozimek, chief economist at Upwork, notes that the fastest year for job growth since the Great Recession was 3 million jobs in 2014.

Source: Manila Times June 04, 2020 04:41 UTC