Well, it seems that laying off is fashionable as companies galore announce their workforce reductions, consultant layoffs or, God forbid, chapter 11.

An interesting analysis by several McKinsey consultants, reported at McKinsey Quarterly, of the last four recessions shows that this one has started with similar attributes as the last four:

• Stock prices down 35%
• Consumer spending declines are the lead, dragging other sectors down – healthcare and consumer staples earnings remain stable
• Decline happens faster than recovery
• Share prices recover before company earnings

In 3 of the last four recessions, consumer and IT spending lead the recovery.

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