A recent report from researchers supported by the University of Chicago found that, in a matter of weeks, the economy has seen widespread labor reallocation, resulting in some job creation but many more job losses, and that this "shock" will have long-term consequences in slowing down recovery.
A May 5 working paper from the school's Becker Friedman Institute for Economics found there were three new hires for every 10 layoffs caused by the shock in labor demand. The report estimates that 42% of recent layoffs will result in permanent job loss.
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Christine Simmons
Christine Simmons writes about the New York legal community and the business of law. Email her at [email protected] and find her on Twitter @chlsimmons
