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[QUOTE]Originally posted by Gilbert B Norman: [QB] [QUOTE]Originally posted by Gilbert B Norman: I think the economy will recover fast. The reason is that most professionals with discretionary income are working, even if from home, and their demand for services, including travel, is "pent up". This of course means that furloughed service workers will be quickly recalled[/QUOTE]It appears that I must "walk-back" this "optimistic soothsaying" on my part, for as this [URL=https://www.wsj.com/articles/a-second-round-of-coronavirus-layoffs-has-begun-no-one-is-safe-11586872387] Journal[/URL] article reports, layoffs are now hitting "white collar" positions that I thought were immune: Fair Use: [i][list] [*]The first people to lose their jobs worked at restaurants, malls, hotels and other places that closed to contain the coronavirus pandemic. Higher skilled work, which often didn’t require personal contact, seemed more secure. That’s not how it’s turning out. A second wave of job loss is hitting those who thought they were safe. Businesses that set up employees to work from home are laying them off as sales plummet. Corporate lawyers are seeing jobs dry up. Government workers are being furloughed as state and city budgets are squeezed. And health-care workers not involved in fighting the pandemic are suffering[/i] [/list] Without doubt, this is the most ominous development I've learned regarding this downturn. I'm starting to think that the recovery from this "Covid Recession" (better name, anyone?) will resemble that of the "Great Recession" from which the recovery was believed to have begun during March '09, but was not complete until '19. [/QB][/QUOTE]
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