Business

Full Recovery From Recession’s Job Losses Unlikely Before Late 2014

A new survey of human resources executives suggests it could be at least another year before the unemployment rate falls to pre-recession levels.

The survey, conducted by global outplacement firm Challenger, Gray & Christmas, found fewer than half the companies adding workers had reached or surpassed the number employed before they began layoffs. John Challenger is the firm’s CEO.

“We simply don’t have a sector of the economy that can create jobs as quickly as manufacturing did in its heyday.”

The survey also found nearly half of those companies will meet future demand with fewer employees.

“Even when major tech firms like Google or Facebook go on a hiring spree, we’re not talking about adding hundreds of thousands of workers. We’ll eventually reach and surpass that pre-recession peak, but anyone who thought it would occur within two to four years after the end of the recession had unrealistic expectations.”

The U.S. economy lost nearly 9 million jobs between 2007 and 2010.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas delegations in the U.S. House and Senate, as well as the Texas governorship, the state legislature, and county and city governments. Before taking up his current post, Andrew...

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