Full Recovery From Recession's Job Losses Unlikely Before Late 2014
by: Andrew Schneider, June 24, 2013 5:06:00 am
The survey, conducted by global outplacement firm Challenger, Gray & Christmas, found fewer than half the companies adding workers had reached or surpassed the number employed before they began layoffs. John Challenger is the firm’s CEO.
“We simply don’t have a sector of the economy that can create jobs as quickly as manufacturing did in its heyday.”
The survey also found nearly half of those companies will meet future demand with fewer employees.
“Even when major tech firms like Google or Facebook go on a hiring spree, we’re not talking about adding hundreds of thousands of workers. We’ll eventually reach and surpass that pre-recession peak, but anyone who thought it would occur within two to four years after the end of the recession had unrealistic expectations.”
The U.S. economy lost nearly 9 million jobs between 2007 and 2010.