JoeB131
Diamond Member
I don't think all those jobs will come back. Not for a long time. Do you really think businesses that are already swimming in a sea of red are just going to hire everybody back? I don't know for sure but I thought the guarantees in getting that money were only covered while furloughing people during this pandemic. If I was being a cynical bastard, I'd say that a lot of companies might hire everybody back....for one day to make the compliance (and I say that word rolling my eyes into their sockets) look good. Then, cut staff. That would be almost as big of a disaster as furloughing them or laying them off. I hope this doesn't happen, but I only have the experience from past recessions as my guidepost as far as layoffs go. When economic hard times come, personnel is usually the first place to cut expenses. But, we're in uncharted territory.
well said, but I think it's worse than that. We haven't seen the domino effect yet. What is being cut now are mostly service jobs. The shutdown hasn't seeped into manufacturing and distribution- yet. It will eventually as demand goes down and inventories go up.
The untold story is Corporate Debt. A lot of companies assumed a lot of debt for acquisitions and mergers, and now they have to pay that money back. Best place to cut is personnel. So if you were lucky enough to have an "essential" job during the lockdown, you might not have it when the smoke clears and everyone has to retrench to deal with lower growth.