If most layoffs become permanent, the severe recession the economy has slid into would likely last longer, the recovery would be slower and the toll on laid-off workers would be harsher, economists say.
While many are still concerned about the virus, others are desperate to get back to work.WASHINGTON -- In late March, Britney Ruby Miller, co-owner of a small chain of steakhouse restaurants, confidently proclaimed that once the viral outbreak had subsided, her company planned to recall all its laid-off workers.
Yet Congress remains sharply divided about additional aid, with some Republicans expressing concern about escalating federal debt. President Donald Trump's top economic adviser, Larry Kudlow, said Friday that negotiations have “paused.” “We were optimistic at the time of the initial layoff in March that we would be able to reopen quickly,” Laura Lee, head of human resources, said in a layoff notice letter to the state of Michigan. “However, we have had to reassess our reopening date, given the duration and severity of the COVID-19 pandemic.”
If many of the job losses do prove only temporary, it would raise the possibility of a relatively swift economic recovery. It’s much easier for someone out of work to return to a former job than retrain for a new one or shift to a new industry. After the previous three recessions, the vast majority of people who were laid off lost their jobs permanently. Some were essentially replaced by new software or factory robots. In other cases, their employers folded or entered new lines of business.
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