(KMOV) – The current highs and lows in the stock market are reminiscent of 2008, and it has many concerned that jobs might fall with the market.
Mike Allison, with the Department of Economics at UMSL says he doesn’t think mass layoffs are around the corner. “A lot of firms are running pretty bare bones at the moment, so it's going to be hard for them to lay people off and still exist,” he says.
The stocks show what investors are feeling, but Allison says he’s more interested in what everyone else believes. The holiday shopping season will give a sense of whether people feel more secure.
Here’s a snapshot of the job market: the unemployment rate was slightly down in July, and companies added more than 150,000 jobs last month. Government layoffs offset some of that.