The majority of unemployment is recall and rest unemployment. But there is considerable search and mismatch unemployment in international travel and education.
Friday’s US labour market report rightly got a lot of media attention globally. The spike in US unemployment to 15% surely is historical and tells us quite a bit about just how big a shock has hit the US and the global economy.
However, where most commentators are wrong is assuming that this has to be seen as a normal recession. I on the other hand would argue that this has little to do with a normal recession. In fact I am increasingly thinking that the use of the term ‘recession’ is a misnomer in relation to this crisis.
Back in April I argued in my blog post ‘All set for a fast recovery after the ‘Great Lockdown’ argued that this crisis primarily should be seen as an unplanned and very unpleasant ‘vacation’.
The IMF has called it the ‘Great Lockdown’ and I find this term very telling. Economies around…
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Utopia, you are standing in it! 
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