Labour markets take a dramatic turn for the worse
AFTER YEARS of robust health, labour markets have taken a dramatic turn for the worse. With the pandemic forcing shutdowns, many people are working fewer hours, if at all. Internet searches for “unemployment”, often a timely indicator of joblessness, are at record highs. Economists at Goldman Sachs expect the unemployment rate to reach 15% in America later this year. That is the highest for the best part of a century.
This article appeared in the Finance and economics section of the print edition under the headline “The labour market’s turn for the worse”