Feb 6, 2008

The R-word

Recession is a scary word.

It's on the front page of most news sources. Say it aloud and most people cringe. But how it affects one person to the next can be very different.

This nation's last two recessions -- the collapse of the dotcom bubble and in 1991 -- are largely outside the memories of most young workers.

But, studies examining job losses during a recession say it is young workers who are the hardest hit. Using data gathered by the Bureau of Labor Statistics and population surveys the Monthly Labor Review found employment among workers 16-19 years old declined by 5.7 percent. In addition to the large decline, employment for this group slumped for two years -- nearly twice as long as it did for older workers.

But relax young union member, don't cringe just quite yet when you hear the 'r-word' whispered.

Economists examing industries performing well during recessions list regional and national supermarket chains, convenience stores and discount stores among the top ten performers.

No job is recession proof, but young workers in service-based industries are less likely to suffer the consequences of their early-90s counterparts.

1 comment:

Zosima said...

We are all affected by the world rescission. But that was before. Step by step, I mean little by little we are moving up again. With the cooperation and helping each other to succeed is the key to be successful. I know and all of us are aware that this will takes time but in the long run we will become someone who we did not expect to be soon but for its best.


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