More than half of American jobs are at risk because of coronavirus

From CNN News Online:

A week ago, Darrin Dixon wasn’t all that concerned about the coronavirus. Now he’s losing sleep over the prospect that the virus could cost him his food truck and catering business, which provides three jobs, including his own. Sales at Dixon’s food truck, KC Cajun, plunged this week as businesses in downtown Kansas City, Missouri, where he’s based, have shifted to working from home. His catering business is having cancellations like he’s never seen before.

“I know I’m stressed. I’ve had sleepless night. It’s just scary because we don’t know what we’re going to do,” said Dixon. His situation is a harbinger of the problems facing the US economy from the coronavirus, which could be far deeper and more widespread than they initially appeared. And because it will hit small businesses like Dixon’s particularly hard, it could take years for the economy to fully recover — even after the coronavirus crisis is long over. It’s not just jobs at airlineshotelsamusement parks and sporting events that are at risk. It’s the food trucks that serve office workers or school students who are now staying home. It’s the dry cleaners who clean the dress clothes that will not be worn as workers stay away from their offices. It’s hair stylists, dog walkers, babysitters, restaurant workers and others who provide services that people no longer need or can’t afford.

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. 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.

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