Job Loss
Job Loss
A Discussion
This chapter provides an overview of the section of the text that examines job loss. The main theme of the chapter is that since the Great Recession is more severe than the periods covered by some of the data used in the individual analyses, they may understate the likely impacts of recent job losses. One particular area the discussion points towards as being different in the Great Recession is the depressed housing market. While prior recessions have resulted in both job loss and temporary declines in the equity markets, the extent of the negative impact of the Great Recession on housing equity is unusual. Housing is a major component of wealth for many families so a sharp decline implies fewer resources to react and adapt to job loss. Also, job loss itself often precedes home foreclosure.
Keywords: job loss, displacement, Great Recession
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