As the country moves into month five of the 2020 COVID recession, 39.4% of job seekers report they believe it will last ten to 12 months, 24.2% say it will last more than one year, and another 9% believe it will last roughly two years, according to a new survey released Monday from global outplacement and executive and business coaching firm Challenger, Gray & Christmas, Inc.
The survey was conducted online among 112 job seekers during the firm’s free Job Search Webinars offered to the public the week of June 15.
“Economists are increasingly uncertain of when the recession may end, especially with questions surrounding a vaccine and with the recent spikes in cases in states that have reopened. Consumer confidence may continue to wane due to increased illnesses. Meanwhile, the Services sector, which has bolstered the economy during past recessions, is the hardest hit this time around,” said Andrew Challenger, Senior VP of Challenger, Gray & Christmas, Inc.
Of those who responded, 75.6% were unemployed, with 36.4% reporting they lost jobs directly due to the pandemic. Another one-fourth of the remaining 24% reported they were underemployed. The majority (56%) have been out of work for one to two months.