Current Events > Bank of America economists predict employers will cut between 16-20 million jobs

(+) Yeah! (+)

"With the unemployment rate peaking at 15.6% between now and June. If that's the case, it could take at least a couple years for unemployment to return to its pre-pandemic levels.

Another 6.6 million people filed for unemployment benefits last week, according to the US Department of Labor.

Altogether, more than 14 million American workers have sought aid in the form of jobless benefits since mid March.

Numbers at that level are startling and contrast starkly with any other economic downturn on record, especially because of how quickly they've surged.

Job losses during the Great Recession for example as deep as they were came at a much slower pace. It took two years for 8.6 million Americans to lose their jobs in that crisis" - CNN

You guys still working?

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My work is making OT mandatory due to how busy we are. I feel lucky to be on that side of the work force rather than losing hours/jobs.

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Are you in IT?

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You guys still working?

Been off since the 17th of march, I think I'm going back next week, but not 100% sure.

Edit: I'm in automotive assembly.
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Error1355 posted...

My work is making OT mandatory due to how busy we are. I feel lucky to be on that side of the work force rather than losing hours/jobs.

It's crazy how my attitude went from "this is fucking bullshit!" to "least I still have a job and pay my rent and games and shit" all in a matter of weeks. I work in Logistics.

'Murica

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Nah, I was a bartender. My business is still doing take out/pick up orders, but I opted out to let worse off coworkers get some money. Im hoping to have a job to return to because I love bartending and I wanted to put some more years in before moving to something else, but how can any restaurant survive being effectively shutdown for 4-8 months?

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It's important to remember that the unemployment numbers include all the temporary layoffs.

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Job losses during the Great Recession for example as deep as they were came at a much slower pace. It took two years for 8.6 million Americans to lose their jobs in that crisis" - CNN

Couldn't that simply be a function of there being more people now than there were then? I'd be more interested if they represented it as a percentage.

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Super Saiyan 3 Goku posted...

Couldn't that simply be a function of there being more people now than there were then? I'd be more interested if they represented it as a percentage.

I was thinking this too. We had maybe a 4th if the population in those times.


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I'm sure that's old. As of today we're at 17 million unemployment claims over the last three weeks. It's gonna be worse than the depression

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Yes I am still working. 40 hours a week and health insurance, etc. a fulltime job.

I am working from home currently

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Austin_Era_II posted...

You guys still working?

Just started back on the 7th after being quarantined since the 20th. Working my full forty hours a week.

Jagr_68 posted...

It's crazy how my attitude went from "this is fucking bullshit!" to "least I still have a job and pay my rent and games and shit" all in a matter of weeks. I work in Logistics.

'Murica

This is too lol. I was just getting into the mode of chilling out all day and sleeping in and then bam! I got to go back to work. Not that I hate my job per say, but yeah who wouldn't want to stay at home while still collecting a paycheck? My guess is my employer didn't like it.

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I'm lucky enough to still have a job in addition to a raise and bonus for working during this but I dont plan on working here past this year despite the great benefits

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I hated my job before the rona and I hate it even more coupled with the fact Im even more entrenched in it.

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Lucky enough to still be working from home, but those unemployment numbers are disheartening.

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Still getting 60 hours a week right now. Kind of hate it but Im assuming we will lose business and slow down if things dont turn around pretty quick once the social distancing guidelines are lifted. Ultimately I know Im luck to be able to save up now.

This is kind of an apples and oranges scenario. A lot of us will be returning to our jobs once we're able. They're not all just gone.

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Jiek_Fafn posted...

This is kind of an apples and oranges scenario. A lot of us will be returning to our jobs once we're able. They're not all just gone.

How do you know that

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Super Saiyan 3 Goku posted...

Couldn't that simply be a function of there being more people now than there were then? I'd be more interested if they represented it as a percentage.

The great recession is the name for the economic downturn that started at the end of 2007.

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NightMarishPie posted...

Lucky enough to still be working from home, but those unemployment numbers are disheartening.

It's scary tbqh.

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Still working.

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people still working are what I like to all the smart ones and the lucky ones, everyone else is a combination of dumb and unlucky but at least the unlucky aren't fucked for life like the dumb temporary lay offs my ass once the companies realize they really can make due without these people they'll get rid of them for good and either automate their job or pass it along to the employees they still have since they've shown they can handle the workload

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Yeah some people laid off won't come back when the boss sees others can handle the extra workload. Why pay extra when someone else can do it? Makes sense. It's a relief for some companies looking to cut back.

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So lucky my work can be done 100% remote and my wife's job is essential. I don't know what we would do if we both had suddenly lost our jobs.

Honestly I kinda hope my company switches to remote working only, we have literally no need for an office.

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Been working from home. Been surprisingly busy.

Some of my friends and family arent so lucky, they are either furloughed or been laid off

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MC_BatCommander posted...

So lucky my work can be done 100% remote and my wife's job is essential. I don't know what we would do if we both had suddenly lost our jobs.

Honestly I kinda hope my company switches to remote working only, we have literally no need for an office.

This may impact many office spaces since working from home will save the monthly rent which tends to be quite high.

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System designer for Best Buy. Still getting paid my usual salary and havent been at work in over a month. Ill be paid at until the 18th. They havent announced what they are doing past that yet.

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My work place granted me the expendable status, yes.

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Austin_Era_II posted...

You guys still working?

Yeah, I am, full time with benefits. From home. A couple people in my office were laid off immediately when this happened. But I have been busy. Which is why its weird every night to sit down and read about everything. On some level, Ive had to ignore the news. Obviously now more than ever I cant take it easy when working.

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Time for us to start exploring that Schroedinger's Cat trilogy economic system of UBI for everyone and inventors and innovators get more money.

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Working for medicaid department from a big insurance company. They're almost begging us to more work hours and I expect we'll get a big, big volume people asking for enrollment soon.

That said...wtf is wallstreet going up? Its only false optimism. The unemployment level will be higher than the 2008 recession and wont be going up so soon that the economy will make a V recovery.

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This is all on the government. They will have to fix the problem they caused.

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Glad Liberals got the horrible recession they wanted. Definitely will help in November.

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My workplace is giving us optional leniency, allowing us to stay home in weekly increments until May 1 without reprisals. I expect they'll clobber us with overtime and make returning to work mandatory after that point or once the pandemic is passed.

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onedarksoul posted...

This is all on the government. They will have to fix the problem they caused.

???

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I'm currently working every other week till at least the end of may and we've also laid off a shit ton of people starting today.

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IShall_Run_Amok posted...

My workplace is giving us optional leniency

That's a trap, anyone who takes it will be fired as things get worse you want your job you don't take that easy excuse they have to get rid of you

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Error1355 posted...

My work is making OT mandatory due to how busy we are. I feel lucky to be on that side of the work force rather than losing hours/jobs.

Same. I literally made $4000 for my paycheck before taxes just from all the OT and hazard pay >_>

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Balrog0 posted...

How do you know that

Because being non essential is not the same thing as not having a place in the market. This is different from a bubble bursting.

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