More than half of American jobs are at risk because of coronavirus - CNN
Updated 9:51 PM ET, Mon March 16, 2020
“More than half of US jobs at risk
Nearly 80 million jobs in the US economy are at high or moderate risk today, according to analysis in the last week from Moody's Analytics. That's more than half of the 153 million jobs in the economy overall.”
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“That doesn't mean that all those jobs will be lost. But it's probable that as many as 10 million of those workers could see some impact to their paychecks -- either layoffs, furloughs, fewer hours or wage cuts, said Mark Zandi, chief economist at Moody's Analytics.
Of those 80 million jobs, Moody's Analytics projects that 27 million are at high risk due to the virus, primarily in transportation and travel, leisure and hospitality, temporary help services and
oil drilling and extraction. Maybe 20% of those workers, comprising about 5 million jobs, will be affected, Zandi said.
The other 52 million jobs are judged to face "moderate risk." They are in areas such as
retail, manufacturing, construction and
education. Some 5 million of those workers are could be unemployed or underemployed.
"People are going to be buying less of everything. The stock market is down and wiping out people's nest eggs," Zandi said. "They're worried 'Am I going to get sick? Are my parents going to get sick?' That's a prescription for people going into the bunker and for job losses."
The shock to the economy could come quickly. When the job changes in the coming week are counted it could show a loss of as many as 1 million jobs, according to Kevin Hassett, the former chairman of the White House Council of Economic Advisors under President Donald Trump.”
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“"You're looking at one of the biggest negative job numbers you've ever seen," Hassett told CNN Monday. He said that even if there isn't a big increase in firings, the economy needs a certain level of hiring to balance out the normal number of people who are leaving jobs.
"The issue is we think next week....there will be no hires," he said.”
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