The U.S. recession touched off by the coronavirus lasted only two months, ending with a low point reached in April 2020 after the start of a sharp drop in economic activity in March of that year, the U.S. Business Cycle Dating Committee announced Monday. That from Reuters.
And, a follow up to yesterday around location. Telstra Ventures analyzed 371,000 jobs posted between April 1 and June 30, 2021.
About 13.2% of NYC-based businesses offer permanently remote positions to new hires. That’s below the national average of 14.2%. Other major cities: About 12.6% of new job postings are remote-friendly in Los Angeles. In Washington, D.C., 12%, Atlanta 9.1% and Seattle 8.1%. Houston is the least remote-friendly city, with only 2.8% of jobs posted being remote.
Venture-backed companies nationally tend to be more open to remote jobs and have quickly ramped up their embrace of remote work, per the analysis.
At the end of June in 2019, 1.6% of job postings by VC-backed firms were remote options, compared with 0..5% of non-VC-backed posts.
At the same point in 2021, 15.4% of job postings by VC-backed firms were remote, versus 9.1% for non-VC-backed firms’ postings. The overall rate is 13.7%
Legal, sales and engineering jobs tend to be the top job types for remote positions at VC-backed firms.
Why do we care?
That’s how fast the recession moved – two months. The open question is how slow the recovery will be, and what will it look like. I keep reporting on the fact that the market isn’t staying the same nor looking like it was. That’s the takeaway – we’re assuming more uncertainty going forward. Apple’s news yesterday of delaying reopening due to COVID is one more data point on a blinking sign of continued uncertainty for operators, and is a sign of things to come. That’s not a good or bad thing, just a statement, so plan accordingly.