The Dow Jones industrial average lost 1,465 points, or 5.9 percent, Wednesday with every sector slumping after the World Health Organization designated the coronavirus a pandemic. The Dow closed in bear market territory, meaning it had shed more than 20 percent from its high less than a month ago.
Airlines, hotels, travel agencies and event companies have all been suffering, but interviews with more than two dozen firms and workers reveal that the pain is now translating into layoffs in a wider circle of industries, including a bakery and a chain restaurant.
At the Port of Los Angeles, 145 drivers have been laid off and others have been sent home without pay as massive ships from China stopped arriving and work dried up. At travel agencies in Atlanta and Los Angeles, several workers lost their jobs as bookings evaporated. Christie Lites, a stage-lighting company in Orlando, laid off more than 100 of its 500 workers nationwide this past week and likely will lay off 150 more, according to chief executive Huntly Christie. Meanwhile a hotel in Seattle is closing an entire department, a former employee said, and as many as 50 people lost their jobs after the South by Southwest festival in Austingot canceled.
Economists fear more layoffs in the coming weeks as supply chains come to a halt and people stay home and spend less….
Note…
Loans by the government are NOT gonna help….
Business fall off’s are NOT gonna help…
People HAVE to eat….
People have to pay their bills….
There will be LOST income that will NEVER be recovered …
EVERYBODY CANNOT stay home…
Ya gotta live no matter what….
Why worry?
Cult spokesman Sean Hannity says the whole thing is fake.”They” just want to “get” Trump.