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<ul><li>A senior economist at the University of California Los Angeles predicted the US <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword>'s gross domestic product will shrink by 42% in second-quarter-2020, before recovering in early 2023.</li><li>"It will take time for all the king's horses and all the king's men to put the economy back together again," David Shulman wrote in UCLA's June 2020 economic outlook report.</li><li>Among other key projections, UCLA anticipates that <keyword id="6355127" type="UNKNOWN" weightage="60" keywordseo="employment">employment</keyword> in the US won't recover until well past 2022, and a coronavirus vaccine will only be available by early 2021.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The US economy faces a rough and gradual comeback from its massive pandemic-induced decline, according to <a href="https://www.anderson.ucla.edu/documents/areas/ctr/forecast/reports/uclaforecast_June2020_Shulman.pdf">UCLA Anderson's latest economic outlook</a>. "Make no mistake, the public health crisis of the pandemic morphed into a depression-like crisis in the economy," David Shulman, a senior economist at UCLA, wrote in the report.According to Shulman, calling the crisis a recession is a misnomer, as it is much worse than that.UCLA, which ranks among top US business schools, sees the economy's real gross domestic product declining by 42% annually in the second-quarter of 2020."It will take time for all the king's horses and all the king's men to put the economy back together again," Shulman said.The unsettling outlook comes amid a rapid increase in new coronavirus cases in the US, recording its <a href="https://www.businessinsider.com/us-coronavirus-cases-hit-highest-single-day-total-2020-6?utm_medium=ingest&amp;r=US&amp;IR=Tamp;IR=T">highest single-day total</a> of over 36,000 this week. According to the report, "despite the Paycheck Protection Program, too many small businesses will fail and millions of jobs in restaurants and personal service firms will disappear in the short-run."The Labour Department released new jobs data on Thursday showing <a href="https://www.businessinsider.com/us-weekly-jobless-claims-filings-unemployment-insurance-coronavirus-recession-economy-2020-6?r=US&amp;IR=TIR=T">1.5 million more jobless claims</a>, bringing total filings over a 14-week period to about 47 million.Read more: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Finvesting-strategy-stock-picks-innovators-from-fund-manager-prabha-ram-2020-6%3Fr%3DUS%26IR%3DT" target="_blank" rel="noopener noreferrer">A high-growth fund manager is tripling her peers' returns in 2020 while targeting nontech industries like beer and restaurants. She breaks down how she picked out 5 of the most innovative companies.</a>Other key projections from UCLA's report:<ul><li>The economy's level of output as seen in the fourth-quarter of 2019 will not restore until early 2023, and will represent a "Nike swoosh" recovery, rather than a V.</li></ul><div type="image" title="Screenshot 2020 06 26 at 9.52.55 AM" height="520" width="651" msid="76643077" hostid="261"></div><ul><li>Employment will not recover until after 2022. The unemployment rate will hover around 10% in fourth-quarter-2020 and above 6% in fourth-quarter-2022. </li><li>A "start-stop return" — temporary economic shutdown and restart — to normal levels will be seen with vaccine availability in early 2021.</li><li>Inflation is expected to remain muted through to 2023, but by the mid-2020s the Fed's 2% inflation target may be "handily exceeded." </li><li>Academic institutions will shrink or close, along with a reduction in demand for PhD's.</li></ul>In slight contrast to the above outlook, an IMF chief economist earlier predicted the COVID-19 pandemic would push most of the <a href="https://www.businessinsider.com/economic-growth-outlook-june-imf-likely-worse-april-recession-coronavirus-2020-6?r=US&amp;IR=TIR=T">world's recovery to 2022</a>.Read more: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Freal-estate-investment-strategy-multifamily-units-syndication-holdfolio-jacob-blackett-2020-6%3Fr%3DUS%26IR%3DT" target="_blank" rel="noopener noreferrer">From a late-night infomercial to a 1,040-unit empire worth $188 million, how Jacob Blackett perfected his real-estate-investing strategy after losing $70,000 on his first deals</a>

A UCLA economist says it will take until early 2023 to restore the US economy and will need 'all the king's horses and all the king's men'

<ul><li>A number of Wall Street firms have said they expect the US to fall into a recession from the shock of the coronavirus pandemic. </li><li>The National Bureau of Economic Research defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."</li><li>Here are all the firms that have said the US will fall into a recession - or is already in one- due to coronavirus. </li><li><a href="https://www.businessinsider.com/">Read more on Business Insider</a>.</li></ul>As the coronavirus pandemic continues, economists have rushed to update forecasts with dismal outlooks for the US economy. There's now a consensus that the shock of the coronavirus outbreak will push the US into a recession, ending the longest-ever economic expansion on record. The National Bureau of Economic Research - the arbiter of any official recession calls - defines one as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."Projections that US gross domestic product would falter have come from firms such as Goldman Sachs, Deutsche Bank, JPMorgan, Bank of America, and more. The labor market is also starting to show distress - on Thursday, data showed that in the week ending March 14, jobless claims rose by 70,000 to 281,000, exceeding economist estimates for an increase to 220,000. As factories and stores are shuttered, there will likely be huge declines in manufacturing and consumer spending in the near future. Because the US consumer is a cornerstone of economic activity - spending makes up roughly 70% of US GDP - any dip could have a big impact. Some firms have even gone so far as to say that the US isn't nearing a recession, it's already in one. On Monday, economists at the <a href="https://markets.businessinsider.com/news/stocks/economic-outlook-us-already-in-coronavirus-recession-employment-forecast-ucla-2020-3-1029003617">UCLA Anderson School of Management said that the US economy has already stopped growing and will likely remain in a recession until October</a>. Banks have started to make similar calls - in a Thursday note, Bank of America economists led by Michelle Meyer said that the <a href="https://markets.businessinsider.com/news/stocks/coronavirus-recession-already-hit-us-economy-pandemic-bank-america-gdp-2020-3-1029012857">US has joined the rest of the world in a recession</a>. Here's a roundup of all the firms that have said that coronavirus will push - or has already pushed - the US economy into a recession, and their forecasts.

7 financial heavyweights have unveiled forecasts for a sudden US recession. Here's what they had to say about the economic damage coronavirus will cause.

d3sign/Getty ImagesAmid growing recession fears, new data shows job postings are down worldwide.<ul class="summary-list"><li>Researchers from the <a href="https://newsroom.ucla.edu/releases/ucla-anderson-forecast-announces-arrival-of-2020-recession-in-revision-of-earlier-forecast">UCLA Anderson Forecast</a>, a center that issues quarterly predictions about the economy, recently announced the US is already in a recession due to the novel coronavirus. </li><li>Job platform Indeed analyzed the number of new job postings on its website from January 1 to March 14, 2020 and compared it to the same period in 2019. </li><li>Indeed found declines across several countries, including the US, which has seen a 2.6% drop in job postings. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Job seekers around the world are experiencing a decline in open jobs, thanks in part to a looming recession.Researchers from the <a href="https://newsroom.ucla.edu/releases/ucla-anderson-forecast-announces-arrival-of-2020-recession-in-revision-of-earlier-forecast">UCLA Anderson Forecast</a>, one of the most closely watched economic forecasting institutions, recently announced the US is already in a recession caused by the global outbreak of the novel coronavirus. The forecast puts the US economy's downturn much earlier than expected. Research from major US banks that said the economy would enter a recession <a href="https://newsroom.ucla.edu/releases/ucla-anderson-forecast-announces-arrival-of-2020-recession-in-revision-of-earlier-forecast">in the summer</a>. Data from job-search website Indeed provided to Business Insider shows that hiring has already slowed down year over year, another troubling sign the economy could already be in free fall much earlier than expected. Here are 11 countries that have seen the biggest decline in new job postings, based on the percent change in postings from January 1 to March 14, 2020 versus the same period last year.

Job postings are down across the globe. Here's how the US ranks compared to 10 other countries.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters / Brendan McDermid</div></div></div><ul class="summary-list"><li>The UCLA Anderson Forecast is seen as a bellweather for the state of California and the wider US economy and has predicted a weakening in growth in 2019. </li><li>Fiscal stimulus is waning while the ability of the Federal Reserve to normalize interest rates is also lower.</li><li>UCLA Anderson's first quarter report sees US growth slowing in 2019 before slowing even further to near recessionary levels in 2020. </li></ul>A well known bellweather economic report has predicted that the US economy will slow to recessionary levels in the next year. While the global economy started out strong in 2018, signs of its weakening will likely be everywhere by year's end," according to the UCLA Anderson <a href="http://newsroom.ucla.edu/releases/ucla-anderson-forecast-points-to-weaker-economic-growth">Forecast </a>published on Wednesday. The forecast has previously predicted downturns in the economy of the state of California and has a similar read on the wider US economy. US growth will slow to 1.7% in 2019, "to a near-recession pace" of 1.1% in 2020, UCLA Anderson senior economist David Shulman wrote in the report. That prediction comes after the economy expanded at a 3.1% pace "on a fourth-quarter-to-fourth-quarter basis" in 2018. The basis for the view comes from policy warnings that the impact of fiscal stimulus is waning while the ability of the Federal Reserve to normalize interest rates is also lower. Similarly, the ongoing US-China trade war and the potentially disastrous fallout from Brexit have increased uncertainty and has contracted global interest rates. "The weakness is being amplified by the protectionist policies being employed by the Trump administration and the uncertainties associated with Brexit," Shulman said in the report.Read more: <a href="https://www.businessinsider.com/yield-curve-inversion-one-of-four-horsemen-predicting-us-recession-2019-3?r=US&amp;IR=T">The latest yield curve inversion is yet another warning in the bond market - an expert says it's one of 'four horsemen' predicting recession</a>"This economic weakness has triggered a major contraction in global interest rates, making it difficult for the Fed to conduct its normalization policy, and has put a lid on long-term interest rates."It follows a recent UBS report which<a href="https://www.businessinsider.com/ubs-1-month-jump-in-us-recession-risk-highest-since-1989-2019-3?r=US&amp;IR=T"> indicated </a>that the risk of US recession had risen to its highest one month level for 30 years. Payroll employment growth will decline from its monthly record of 220,000 to about 160,000 per month in 2019 and a negligible 20,000 per month in 2020, according to the UCLA Anderson Forecast. One positive note is the rise of the intellectual property sector, which Shulman sees as booming in 2019 given the movement of big companies to "the cloud" and companies such as Netflix and Amazon boosting the film and TV industry. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/nintendo-winning-video-games-fastest-selling-console-2019-3">Nintendo Switch is the fastest-selling console of the current generation - here's why Nintendo is dominating video games</a></h3> <div> </div> </div>

A closely watched outlook just predicted US economic growth is about to crawl at a 'near-recession pace'

<ul><li><keyword id="3391368" type="General" weightage="20" keywordseo="mullenlowe-lintas" source="Orion">MullenLowe Lintas</keyword> Group forays into content and entertainment business. </li><li>The agency group has also appointed Media and Entertainment maven <keyword id="7873744" type="General" weightage="20" keywordseo="yogesh-manwani" source="Orion">Yogesh Manwani</keyword> as President to lead the business. </li></ul>MullenLowe Lintas Group has unveiled a specialized content business unit under the <keyword id="12502112" type="General" weightage="20" keywordseo="Lintas-CEX" source="Orion">Lintas C:EX</keyword> (Lintas Creative Executions) brand. The unit called Lintas C:EX Entertainment will create Content &amp; IP that entertains and engages. It has ambitions to develop, create, produce and distribute distinct forms of curated and original content cutting across genres, languages and formats. Not only will the unit create original content for various streaming platforms, it will also work with brand partners to create and distribute ‘content for &amp; by brands’. Lintas C:EX Entertainment will also help brands identify and participate in relevant content-led marketing opportunities. India has witnessed tectonic shifts in the areas of digital adoption. The pandemic has had a somewhat permanent impact on the way content and entertainment is consumed. The Media and Entertainment industry in India is expected to grow to USD 55 billion by 2025 at a CAGR of about 10%. Additionally, Indians are becoming data guzzlers, with data consumption growing from just 700 mb a month to over 11 GB - with content and entertainment getting the largest share of the pie. To lead the Entertainment business unit at Lintas C:EX, Yogesh Manwani, a seasoned M&amp;E specialist has been appointed as President. Manwani comes with a rich and diversified experience of over 2 decades across different facets of the Media &amp; Entertainment business having worked in organizations such as Star, ZEE5, and most recently, Applause Entertainment as Head Revenue &amp; Marketing. He was involved in multiple premium drama series like Scam 1992, Criminal Justice, Hostages, Undekhi, Avrodh, Mind The Malhotras, Bhaukaal, Chakravyuh and Call My Agent to name a few. Speaking about the formation of the new business building block and the leadership announcement, <keyword id="2965478" type="General" weightage="20" keywordseo="virat-tandon" source="Orion">Virat Tandon</keyword> – Group CEO, MullenLowe Lintas Group said: “We are seeing a huge surge of digital content, platforms, creators as well as viewers and this space is only going to grow in the coming years. Lintas is uniquely poised at the intersection of powerful ideas that shape pop culture, master creative storytelling, extraordinary video production ability and ambitious brands and clients. Lintas C:EX Entertainment is the logical next step for us to unlock the huge potential that lies ahead of us. In the past, we’ve had a few tactical brushes with this space. The memorable ones were when Alyque was involved with producing the pilot for “Karamchand” and then later when we conceptualised the show “Smart Shrimati” for brand Wheel. This time, Lintas C:EX Entertainment is a deliberate and a strategic foray into original and branded content space. There couldn’t be a better person than Yogesh Manwani to lead this venture. He comes with a deep experience in the original content business. He is a big believer in our vision for Lintas C:EX Entertainment and I am sure he will make it a success.” Speaking about the unveiling of Lintas C:EX Entertainment, Amer Jaleel – Group CCO &amp; Chairman, MullenLowe Lintas Group said: “We are breaking the shackles of the ad agency descriptor that we had imposed on ourselves. There has been such an abundance of talent that has sprung from Lintas and gone on into the world of entertainment, I have no clue why we did not give it the shot it deserved up until now! With Yogesh at the helm of this completely separate and independent initiative, we are opportunising the era of original content and content for brands, that’s landed smack in our lives! Yogesh will spearhead, shape and structure Lintas C:EX Entertainment into possibly an equal or bigger rival to our brand and marcomm business. He has both the relationships and the experience in building channels, platforms, intellectual properties which will now propel the Lintas group into a full-blown media and entertainment powerhouse.” In his previous roles, Manwani has managed responsibilities across various content genres - Hindi News, Regional News, Regional Entertainment, Hindi Entertainment &amp; English Entertainment – across mediums such as TV and digital. He has handled varied challenges like business launches and turn arounds, brand strategy, customer acquisition &amp; retention, market development and affiliate marketing. In his role as President at Lintas C:EX Entertainment, Yogesh will work with Naveen Gaur, who is responsible for the new and specialised lines of business at MullenLowe Lintas Group. Reacting to his appointment, Yogesh Manwani said: “MullenLowe Lintas Group enjoys a strong reputation of building and successfully transforming many popular and strong brands across various categories thanks to its ability of understanding, forecasting and leveraging consumer behaviour. Backed by strong, fearless and visionary leadership, the Group is on a critical self-transformational journey. Entering the Content business is an integral and important part of this journey and with acceleration of the creator economy it could not have been better timed. The long term vision that Group’s leadership has for this independent and specialised business under the Lintas C:EX brand is what excites me to lead this mandate. I look forward to bringing my experience and learnings to the table that could help in building this content company as the magic glue that binds content creators with brand owners &amp; platform partners.” A UCLA Anderson alumnus, Manwani has shouldered responsibilities of multiple aspects of the Media &amp; Entertainment business like Business Strategy, Marketing Strategy, Content Strategy, Content Marketing, Development, Acquisition, Licensing &amp; Monetisation. Manwani’s appointment is with immediate effect and will operate from the Mumbai HQ of MullenLowe Lintas Group.

MullenLowe Lintas Group forays into content and entertainment business under the Lintas C:EX brand

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.apimages.com/metadata/Index/Trump/141cea69530740a5b154f40a74a49ed2/4/0">Jose Luis Magana/AP</a>President Donald Trump hugs the American flag as he arrives to speak at Conservative Political Action Conference, CPAC 2019, in Oxon Hill, Md., Saturday, March 2, 2019.</div></div></div><ul class="summary-list"><li>President Trump's closest economic advisors are predicting a long term boom in the US economy as a direct result of his policies, a forecast wildly out of sync with most economists.</li><li>The Council of Economic Advisers predicts growth over the next decade of around 2.8% annually, compared to the Federal Reserve's forecast of just 1.9% long-run growth.</li><li>In 2019, the CEA expects 3.2% growth, while economists from Goldman Sachs and other banks say it will be nearer 2%.</li><li>Many in the US fear a recession in 2020 or 2021, but the CEA does not.</li></ul>President Trump's closest economic advisors are predicting a US economic boom lasting at least a decade, as a direct result of his policies.The forecast goes against the majority of mainstream economic forecasters, who instead expect slowing growth in the coming years.<a href="https://www.apnews.com/a7dcb49603fe435eaa2f49b79bd8e3ec">According to an Associated Press report</a>, which cites the annual Economic Report of the President, written by the White House Council of Economic Advisors (CEA), the US economy will grow at a rate of 3% or more in each of the coming five years. GDP growth will hit 3.2% in 2019, the report said. By 2029, growth will remain at around 2.8%, it added.Read more: <a href="https://www.businessinsider.com/us-economy-to-fall-behind-china-within-a-year-standard-chartered-says-2019-1">The US could lose its crown as the world's most powerful economy as soon as next year, and it's unlikely to ever get it back</a>Both the CEA's near-term and longer-term forecasts are significantly out of step with other major economic forecasters, including other parts of the US government.For 2019, the Congressional Budget Office, a non-partisan body, forecasts US growth at 2.7%, while the Federal Reserve has growth expectations at just 2.3% this year. A discrepancy this large is remarkable.Economists at major banks hold similar views, with Swiss giant UBS predicting 2.4% growth, and Goldman Sachs expecting just 2.0%.In terms of long-run growth, the Federal Reserve expects a figure of around 1.9%, well below the CEA's forecasts for the next decade.The Council of Economic Advisors' very optimistic economic forecasts come at a time when fears abound that the US economy could be headed into a recession in the next one or two years. Earlier in March, the UCLA Anderson Forecast, a well-known bellweather economic report <a href="https://www.businessinsider.com/ucla-anderson-forecast-us-economy-2020-growth-at-near-recession-pace-2019-3">suggested that the US economy will slow to recessionary levels in the next year</a>, while a survey from the National Association for Business Economics (NABE) showed that <a href="https://www.businessinsider.com/next-recession-nabe-survey-says-us-will-hit-contraction-by-2021-2019-2">77% of economists forecast a recession by 2021.</a><div class="KonaFilter image-container display-table"><div><div class="image on-image">Kevin Lamarque/ReutersKevin Hassett, the chairman of the White House Council of Economic Advisors.</div></div></div>The CEA said it based its forecasts on the assumption that all legislation put forward by the Trump administration will be passed. Kevin Hassett, the chairman of the council, defended the predictions, saying: "It's our job, it's our statutory responsibility, to assume that the president's policies become law and show people what happens and document it."The report cited numerous perceived economic successes in 2018 as proof Trump's economic policies are working, noting in particular that 6 million workers got bonuses after the president imposed tax cuts."We demonstrate that these departures from the recent trend are not accidental but rather reflect the Trump Administration's deliberate measures to create and maintain conditions under which the U.S. economy can achieve maximum employment, production, and purchasing power," it said, <a href="https://www.cnbc.com/2019/03/18/white-house-touts-trumps-policies-warns-against-medicare-for-all-wealth-tax.html">according to a CNBC report.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/great-blue-hole-belize-divers-sinkhole-what-lies-bottom-2019-2">Scientists completed one of the most detailed explorations inside the Great Blue Hole. Here's what they found at the bottom of the giant, mysterious sinkhole.</a></h3> <div> </div> </div>

White House says Trump will drive a US economic boom lasting 10 years, a prediction virtually no serious economists agree with

<ul class="summary-list"><li>The <a href="https://www.businessinsider.com/us-economic-outlook-2020s-new-era-stimulus-vaccines-remote-work-2021-2">shift to remote work</a> has been beneficial in five ways, <a href="https://www.upwork.com/press/releases/one-year-remote">according to a new Upwork report</a>.</li><li>It made <keyword id="6360043" type="UNKNOWN" weightage="60" keywordseo="workers">workers</keyword> more productive, saved time and money, and allowed relocation, among other things.</li><li>When the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> fully reopens, the pandemic-era revolution in <keyword id="1591611" type="PERSON" weightage="60" keywordseo="remote-work">remote work</keyword> will likely add fuel to it.</li></ul>Now that <a href="https://www.businessinsider.com/covid-vaccines-compared-vaccine-pfizer-oxford-moderna-astrazeneca-side-effects-2021-2">vaccines</a> and a <a href="https://www.businessinsider.com/irs-status-stimulus-checks-biden-relief-law-direct-deposit-2021-3">massive stimulus package</a> are here, the US economy is <a href="https://www.businessinsider.com/us-economic-outlook-2020s-new-era-stimulus-vaccines-remote-work-2021-2">uniquely positioned for a great new era</a> in the 2020s.A major factor underlying the great economic potential of reopening lies with how the <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword> ushered in an era of remote <keyword id="6355058" type="UNKNOWN" weightage="60" keywordseo="work">work</keyword>, which is likely here to stay to some extent in a post-pandemic world.More than two-thirds of professionals were <keyword id="1600258" type="PERSON" weightage="60" keywordseo="working-remotely">working remotely</keyword> during the peak of the pandemic, according to a <a href="https://www.upwork.com/press/releases/one-year-remote">new report by work marketplace Upwork</a>, and over the next five years, 20% to 25% of professionals will likely be working remotely. Remote working has caused <keyword id="6357081" type="UNKNOWN" weightage="60" keywordseo="employees">employees</keyword> to rethink and better accommodate their priorities in life and employers to rethink operations regarding how they can best work with professionals and create teams, the report stated. But it also hasn't been without some downsides, such as blurring the lines between work-life balance and causing <a href="https://www.businessinsider.com/blind-survey-workers-remote-google-mental-health-2020-7">increased stress</a>.Overall, though, Upwork found the shift to remote work in the past year has ultimately benefited the economy in five key ways.<h2>(1) Remote workers are more productive</h2>Remote and and online collaboration technology are proving to be helpful with hidden benefits like making teams work better together, <a href="https://www.businessinsider.com/unexpected-benefits-of-working-from-home-2020-4">reported Douglas Quenqua for Insider</a>. Higher meeting attendance rates, more attentive managers, simplified communication, and more breaks are just a few of the positive changes.It's made many more productive. Sixty-one percent of workers said their productivity increased from working remotely, according to an Upwork survey. And an Upwork survey of hiring managers found 32.2% of them said they saw overall productivity rise as of late April, compared to 22.5% that felt it decreased. These productive effects will only further develop as people adapt more to remote work, new technology is invented, and people will start remote businesses, wrote the report's author, Adam Ozimek.<h2>(2) Remote work has freed up relocation opportunities</h2>Remote work will redistribute opportunity across the US, Ozimek wrote. Upwork estimated that up to 23 million people plan to relocate. <a href="https://www.businessinsider.com/future-of-post-pandemic-big-cities-remote-work-richard-florida-2021-2">Richard Florida</a>, urban studies theorist and economics professor at the University of Toronto, has a similar mindset. He <a href="https://www.businessinsider.com/future-of-post-pandemic-big-cities-remote-work-richard-florida-2021-2">previously told Insider</a> remote work will accelerate the movement of families out of superstar <keyword id="6399501" type="UNKNOWN" weightage="60" keywordseo="cities">cities</keyword> into suburbs and the 1% who are seeking lower taxes."I have long said that we will see the rise of the rest, given the incredible expensiveness and affordability of existing superstar cities," he said. "But it's not going to be the rise of everywhere. It's going to be the rise of a dozen or two dozen places." These places will consequently attract new talent, changing economic development. Florida predicted that bigger cities will see a resurgence, though, as the US inches closer to widespread vaccination, reshaped by a newfound focus on interpersonal interaction that facilitates creativity and spontaneity. <h2>(3) Employers are hiring more independent talent</h2>Employers have become more inclined to build hybrid teams made up of both full-time employees and freelance workers, Ozimek wrote. A November Upwork survey that asked about plans for hiring freelancers in the next six months found that 36% of hiring managers plan to hire out more independent talent.Fortune 1000 companies in particular have been tapping into more diverse talent regardless of matter location, found <a href="https://www.businesswire.com/news/home/20210217005300/en/Business-Talent-Group-Report-Finds-Executives-Turn-to-High-End-Independent-Talent-to-Maximize-Agility-During-Volatile-Times">a recent report by Business Talent Group</a>, a marketplace for independent consultants. Independent talent has especially increased in the C-Suite. There has been a 67% increase over the past year in executives seeking independent talent needs, per the report.This increases the talent pool and opportunities for workers.<h2>(4) Remote workers are saving time and money</h2>Without daily commutes, workers have more hours and bigger bank accounts.One year of working remotely has saved people on average nine days from commuting, per Upwork's research. And car commuters saved around $4,350, including costs to public from their driving.The time and money saved could boost economic growth and productivity, Robert Gordon, economics professor at Northwestern University, <a href="https://www.anderson.ucla.edu/centers/ucla-anderson-forecast/forecast-direct/february-2021">said in a recent UCLA Anderson Forecast interview</a>. The labor force has restructured, with high-paid people working from home and making the same income, he said."This shift to remote working has got to improve productivity because we're getting the same amount of output without commuting, without office buildings, and without all the goods and services associated with that," Gordon said. "We can produce output at home and transmit it to the rest of the economy electronically."<h2>(5) Pandemic remote work is different from remote work</h2>"Remote work and remote work during a global pandemic are not the same," Ozimek wrote.<a href="https://www.businessinsider.com/why-managers-should-view-remote-working-wfh-differently-2020-10">Many of the struggles with remote work</a> were due to pandemic circumstances - like balancing remote work with child care while schools were closed. In a post-pandemic world, these things won't be a hindrance and remote employees will be able to revel in fewer interruptions, which Upwork found to be one of the most cited benefits of remote work.Remote work also won't always be done from home. Florida thinks neighborhoods will reshape as offices."Even as offices decline, the community or the neighborhood or the city itself will take on more of the functions of an office," he said. "People will gravitate to places where they can meet and interact with others outside of the home and outside of the office."

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A UCLA economist says it will take until early 2023 to restore the US economy and will need 'all the king's horses and all the king's men'

Shalini Nagarajan

7 financial heavyweights have unveiled forecasts for a sudden US recession. Here's what they had to say about the economic damage coronavirus will cause.

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