We’re shedding jobs in industries in a significant way, and we’re not going to see those same industries be the source of job creation. We’re going to be living in a world in which we’re going to be feeling that the normal on the unemployment rate is above 6 percent.
—Bruce Kasman, chief economist at JPMorgan Chase & Co

People tend to think that when you come out of a recession you get the labor market you had when you entered it. This time you may get something quite different.
—Lawrence Mishel, president of the Economic Policy Institute in Washington

People losing their jobs now in permanently downsizing industries have to be aware that they’re particularly at risk of pretty large losses [to lifetime wages]
—Till von Wachter, Columbia University, in a briefing to the Fed and the European Central Bank last month