The Story Businesses from Main Street to Wall Street are hurting right now. Tell me more. The coronavirus pandemic has wracked multiple industries and led to a spike in layoffs across the country. A Federal Reserve official warned the unemployment rate could hit 30% in the coming months, much higher than during the 2007-2009 recession. Here are some of the industries that have already taken a hit:
The restaurant industryâ¦as in, it's the country's second-largest private employer with 15.6 million workers. Many are without jobs as some state govs mandate that restaurants only provide takeout service or delivery. But many restaurants have closed on their own in efforts to follow stay-at-home guidelines, or because they can't afford to pay their workers.
The hospitality industry...as in, about 4 million of its workers are expected to lose their jobs in the coming weeks. Hotels across the US are seeing unprecedented cancellations and closures. This week, Marriott â the world's largest hotel company â announced it's furloughing tens of thousands of employees.
The airline industryâ¦as in, the jobs of 750,000 people are in jeopardy. Some of the largest airlines in the US â American and Delta â are already asking employees to volunteer for unpaid leave. The industry is also reducing flights, parking hundreds of planes, and cutting corporate pay. That's not good. No. But it's not all bad news. Some industries are switching courses and looking to help outâ¦
Retail...as in, many brands (like Christian Siriano, American Apparel, and Hanes) are using their resources to make masks and other protective gear for hospital workers. And other companies (like Target and Apple) are donating masks.
Automobile industry...as in, some automakers (GM, Ford, and Tesla) have been given the green light to produce ventilators. The decision to switch manufacturing hats could mean that some of GM and Ford's closed factories could open back up.
Essential services...as in, some companies have their 'help wanted' signs up. Dollar General will hire up to 50,000 workers in the coming weeks. Papa John's is hiring up to 20,000 as demand for pizza goes up. CVS Health is looking to fill tens of thousands of jobs across the country. And companies (like Walmart, Amazon, Kroger, and Trader Joe's) are also hiring. And how is the gov helping out? In several ways. The Fed's rolled out several programs that will provide up to $300 billion to help stimulate the economy. And is expected to announce the "Main Street Business Lending Program" â which would help small to mid-sized businesses stay afloat. As well as the TALF (used during the 2008 financial crisis) to provide credit to consumers and businesses. Meanwhile, multiple trillion-dollar coronavirus relief packages are being discussed in Congress, and could provide loan programs for small businesses and industries. theSkimm The coronavirus pandemic has affected daily life worldwide, and has already led to tens of thousands of people losing their jobs in the US alone. While the gov and other companies are stepping in to help, more job losses are expected â and the fallout could have lasting effects on the economy. | 