The economic wreckage of our government’s overreaction to coronavirus will be felt for years.
In addition to widespread layoffs, hiring has collapsed, which will also drag down the overall job numbers. A Moody’s survey of companies that typically finds 40% of firms hiring has fallen to a record low of just 6% of businesses adding jobs, Zandi said.
“Not only are we seeing big layoffs but obviously no one’s hiring at this point,” he said.
Pick’N’Save wants 10K new hires, and Walgreen’s wants 50K+ nationally. Almost balances out the 100K dumped by Macy’s.
When there is a disaster, there are always some who win, some who lose.
Grocery stores, hardware stores and medical jobs are winning right now.
Talked with an exhausted UPS delivery driver yesterday. They’re running at holiday season pace without the usual holiday ramp up of seasonal workers. He thought his last residential delivery was going to be somewhere around 8:30.
And if they hadn’t reacted, what would’ve been the effect on the economy and in terms of lives?
jjf, it depends where you live.
Where there’s a lot of cases, a lockdown makes sense, like NYC.
In areas where there are no cases or maybe amild case without hospitalization, the economy was killed for no reason.