by Wolf Richter
Wolf Street
There is no return to the “old normal.” Employment adjusts too. But it will take years to sort out the issues these sudden massive shifts leave behind.
One of the biggest permanent changes coming out of the Pandemic is that businesses have invested in technologies that have long been available, but that hadn’t been deployed because there was no visible need to deploy them, and because businesses were stuck in a rut, and change is hard and costly – and the rules of inertia had taken over.
But now the Pandemic has forced businesses to change. There is no going back to the old normal. And these technologies impact employment in both directions.