A long road back from the devastation of COVID-19

The recession caused by COVID-19 and the various actions taken to help mitigate the spread of the infectious virus has been devastating to the nation’s economy, and many economists are calling it the worst economic downturn since the Great Depression. The numbers bear this out, and paint a grim picture that highlights just how grueling the road back to recovery will be. 

About eight months after the Great Recession, US employment bottomed out in February 2010, and the next 10 years (February 2010-February 2020) saw steady employment growth in both the nation and New Jersey.

“The US added 22.8 million jobs in that time period, which was the greatest decade on record,” says James Hughes, University Professor and Distinguished Professor, Dean Emeritus of the Edward J. Bloustein School of Planning and Public Policy, Rutgers University.

New Jersey Business Magazine, August 7, 2020