In certain developed countries such as Ireland, Greece and Spain it is an L, while the USA and other EU countries is a U, and the developing nations such as China and India have a V recovery.
The same analogy can be made for the recovery of the job market worldwide and specifically in the USA. It is situational depending on the local and regional industries as well as the impact of the housing market on the local economy.
Without going into lengthy examples to prove the point as that can be found on government websites. Suffice to say the difference between 11% unemployment in the San Francisco Bay Area vs 7% in Salt Lake City. I can predict which labor market has the greater stability and potential for growth. Regardless of the technology growth engine in the SF Bay, that alone simply cannot create enough jobs to cover the numbers needed for full employment.
The world job market echoes the same statistics. Opportunities abound in China, India, Brazil compared to the struggling EU and Eastern Europe.
What is the answer? This may sound simplistic and contrived but I suggest anymore with the where with all to move. Yes, just pick up stakes and move on to new opportunities, to a cheaper standard of living, or both.
Certainly that is more difficult for older workers. However, since our next generation of professionals is at the greatest risk of lack of choices and growth, they can take advantage of their ability to be mobile.
I have found newer immigrants and minorities have fewer embedded ties and roots to places compared to the decendents of earlier settling populations in the USA. Regardless, opportunities will go to those who are mobile, adaptable and