I’m 28 and I feel like my perception of what a recession looks like is so screwed up by 2008. I hear the word and I immediately think 10% unemployment. I just read that Jamie Dimon gave an interview where he said there was a possibility of a “steep recession” with unemployment going up to 6%. Like that’s obviously not great, but comparatively that feels manageable. Anybody else in the same boat?

likesmart
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Lived through it, and I wouldn't worry too much. The most impacted were unfortunately the less fortunate with limited means of earnings and limited skills/quals (that restricts their ability to get a job with a decent pay, and normal than avg job stability). So unless you're financially constrained and don't feel you have a skillset that can get you a job to ride through the slow/minimal hiring season/months, I think you'd be okay. I did get laid off post crisis, didn't have a job for 8 or so months but it didn't impact my personal outlook towards life/work etc. since I took it as a long holiday, was financially OK to bear expenses for that long period, and bounced back better when I did.

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10% isn’t that high
Literally means 90% were still employed

funny

Impacts very few families. 10% is not a lot of families. That’s been my whole point.

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Yes graduated in ‘08 - I’m super paranoid / anxiety and in therapy for it

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The underemployment happened earlier, I’ve only been at ZS now for almost 2 years. To me that’s still an impact of underemployment.

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2008 was a tiny hiccup propped up by us still getting into more debt. Think '73 and youll be properly concerned.

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The economy is cyclical so get used to doing this every decade, welcome to the roller coaster. It’s healthy to expand and contract, keeps things moving. Good luck, I am sure you will be just fine.

smart

Everything - the total stock market, not each individual stock - does go up in the long run, ie, in 20+ years. The fluctuations are short term.

likesmart

The cycle is repeating faster and faster, and this will likely be both steeper drop but faster recovery than 2008. Make sure you have savings for a pinch, keep your resume sharp just in case you are laid off, etc, but don’t live in a constant state of anxiety.

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The cycle is not getting faster and faster. The previous dip before 2008 was end of 2000 / beginning of 2001.

likesmart

Same dude, I just remember the insanity of that time period. Even as a freshman in high school you could feel the anxiety. Then gas started to go up…I respect those who graduated during that economy.

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Seriously… there was a gas station at an intersection right next to my school and I have vivid memories of sitting on the bus and staring at the prices every afternoon to see how much they had gone up.

Idk but any time I talk to someone who was old enough to feel the GR said it was a lot, lot worse than what we’re about to feel right now

2008? Trump got unemployment up in the 24% range in 2020

🙄 cute coming from an MD sending pls fix from the Hamptons all through the pandemic.

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I started my first job out of college with PWC in early ‘07, right before the recession. There were no mass layoffs in the group I worked in; a few were let go, but they were poor performers. From where I sat, it seems like those still in college were the most impacted; we stopped taking on big intern classes and slowed hiring, making it a lot more difficult to find a job.

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