Jobs Skills and the Economy
After the Great Recession, the unemployment rate took almost five years to return to its pre-recession low. Researchers surmise that one potential reason for this is the reprioritization of jobs skills.
During the Great Recession, when unemployment was high, employers had a much larger selection pool of potential employees, and therefore could make the qualifications a little more stringent. These higher baselines existed well beyond the actual recession though, potentially contributing to the unemployment rate’s delayed decrease.
This insight offers a potential glimpse into the reality of the Covid jobs market and upcoming recession.