Temporary layoffs becoming permanent job losses

Labor market indicators suggest that the early temporary job losses of the pandemic are increasingly becoming permanent, putting the long-term health of the economy in further doubt.

“To the extent that the data are true, they say you don’t see full recovery in 2020 for sure, and 2021 is probably a lot of work too,” said Doug Holtz-Eakin, president of the center-right economic think tank American Action Forum and a former director of the nonpartisan Congressional Budget Office.

At the start of the pandemic, an optimistic 60% of employers surveyed by ManpowerGroup expected hiring to return to full employment levels by the end of this year. This is
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