From the course: Economics for Everyone: Understanding a Recession
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Recession and the job market
From the course: Economics for Everyone: Understanding a Recession
Recession and the job market
- One of the most difficult things during a recession is what happens to the job market. We find that people lose their jobs, jobless claims go up, the unemployment rate rises, people have trouble getting new jobs, and wages are either flat or fall. The main reason that the joblessness goes up, the unemployment rate rises, and all these other negative things happen in the job market is because companies find it's difficult to make money. And as they find it difficult to do business if there's no business to be had, they start cutting costs, and unfortunately one of the costs that companies sometimes cut is labor. One of the biggest challenges for people who get laid off is getting a new job. And ironically enough, if you're one of the first people laid off at the beginning of a recession, you might have a better chance of getting a new job than if you're actually laid off at the end of a recession, and there's a much…
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