In the News

COVID-19 and Jobs in US – Has Claimed Over 3K Jobs, Over 9M Threatened

More announcements in Entertainment/Leisure have pushed job cuts due to the COVID-19 outbreak to 3,634, according to global outplacement and executive and business coaching firm Challenger, Gray & Christmas, Inc.

“We are certainly beginning to see the cracks in the foundation. Slowing demand, brought on by the need for Americans to practice social distancing, is going to very likely immediately hurt those who work in at the nation’s hotels, restaurants, and bars,” said Andrew Challenger, Senior VP of Challenger, Gray & Christmas, Inc.

Yesterday, US Secretary of Treasury Steven Mnuchin estimated the unemployment rate could hit 20% if the proposed economic stimulus package is not passed.

For Challenger’s monthly Job Cuts Report, the firm tracks publicly announced job cuts through company announcements, media reports, and SEC filings. These numbers do not include layoffs from bars and restaurants that were shut down across 13 states, the city of St. Louis, Reno, NV, and the District of Columbia: PA, NC, IL, NY, WA, MD, CT, MI, CA, MA, NJ, OH, FL (bars and night clubs).

Those shutdowns could cost or significantly impact over 9M jobs, based on various labor department employment data in the Leisure & Hospitality sector.

“It remains to be seen for how long the outbreak and response will last. Many establishments would like for their teams to return to work as soon as possible or otherwise keep them employed. Indeed, some bars and restaurants with delivery services may be able to keep some staff.

“However, with no income, many of these workers will likely seek, and hopefully, find other employment in the interim, which could make them unavailable to come back,” said Andy Challenger, Senior VP Challenger, Gray & Christmas, Inc.

“If the shutdowns continue even longer, many of these jobs may not exist immediately when the crisis ends,” he added.

Chosen excerpts by Job Market Monitor. Read the whole story @ UPDATE: COVID-19 Has Claimed Over 3K Jobs, Over 9M Threatened | Challenger, Gray & Christmas, Inc.

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Jobs – Offres d’emploi – US & Canada (Eng. & Fr.)

The Most Popular Job Search Tools

Even More Objectives Statements to customize

Cover Letters – Tools, Tips and Free Cover Letter Templates for Microsoft Office

Follow Job Market Monitor on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

Follow Job Market Monitor via Twitter

Categories

Archives

%d bloggers like this: