Associated Press
WASHINGTON, D.C — Even with an economic revival, many U.S. jobs lost during the recession may be gone forever and a weak employment market could linger. That could add up to a “new normal” of higher joblessness some economists are suggesting. Economists and policy makers say the job-creating dynamics of previous recoveries can’t be counted on now.
Retrenching businesses will be slow in hiring back or replacing workers they laid off. Many of the 7.2 million jobs the economy has shed since the recession began in December 2007 may never come back.
Even before the recession, many jobs had vanished or been shipped overseas amid a general decline of U.S. manufacturing. Many economists believe the recession reversed course in the recently ended third quarter and they predict modest growth in the nation’s gross domestic product over the next few years. Many factors are pushing against a quick recovery. Things will come back. But it’s going to take some time.
Chandler Hill Partners Review 