The global outbreak has seriously impacted the economy and job security. It will have long-lasting, game-changing ramifications. There will be sectors, companies and workers that may benefit from this near-tragedy. Unfortunately, we will also witness industries that are severely harmed.
, malls and speciality retailers will lose business and shed jobs, as people are not leaving their homes. Big retailers, such as Macy’s, Nordstrom, Bloomingdale’s, Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, have all announced that they are closing their stores. This will cause a large number of retail workers to lose their jobs.
This all has a ripple effect. Airlines, aircraft manufacturers and their suppliers, resorts, hotels, restaurants, sporting events, cruise lines, conferences and music concerts will be negatively impacted. With the sudden cessation of business, companies in these areas will be forced to downsize their employees or radically cut the hours that they work. Many businesses may not make it and close down.. U.S.
—may be in jeopardy. Mark Zandi, chief economist at Moody's, claims, “It's probable that roughly 10 million of those workers could see some impact to their paychecks —either layoffs, furloughs, fewer hours or wage cuts.”
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