Hi Guy, thanks for the write-up. I'm wondering, do you recall your own or the 'common' sentiment towards the labour market around the GFC? Was there an expectation of a rapid deterioration in labour market conditions? How quickly did we move up the ladder?
It was quite gradual at first, even after the (retroactively applied) recession start date. Hiring was falling steadily by the 2nd half of 2007 (not unlike what we've seen), and unemployment was creeping up, but layoffs didn't accelerate until late spring 2008.
Hi Guy, thanks for the write-up. I'm wondering, do you recall your own or the 'common' sentiment towards the labour market around the GFC? Was there an expectation of a rapid deterioration in labour market conditions? How quickly did we move up the ladder?
It was quite gradual at first, even after the (retroactively applied) recession start date. Hiring was falling steadily by the 2nd half of 2007 (not unlike what we've seen), and unemployment was creeping up, but layoffs didn't accelerate until late spring 2008.
Love the ladder analogy. Looks like we're going to get a workout climbing up and down those rungs for a while.
Tax cut for sure. Deficit buster.
Maybe! But it’s a very narrow House majority.