Mike you are right but outside of major political issues (sanctions etc. on a wide basis), war, or some major changes in international economic issues there will be segments of the industry that won't see change even at the end of this decade. Oilfield manufacturing tied to the drilling industry, which there is a large part of in South Louisiana, is a long ways from recovery. Literally tons of equipment sitting in yards that needs to go to work then numerous pieces idol in the pipeline to be sold before there is even a hint of producing more and then it will be slow going for a while.
I don't think most people outside of the industry have a clue how bad it really is at this moment. Many who have managed to stay employed have taken drastic cuts in compensation. I know sales people who went to straight commission and haven't sold a stick in the past year but they still show as employed. Engineers who show being engaged with a firm but in reality are hired on a project to project basis with very little work to do. Managers who have lost all benefits and had salaries slashed by half or even more. But they aren't unemployed which is better than many