Jobs Melting Away Fast as Coronavirus Wreaks Havoc on Economy

. . .Layoffs have skyrocketed, nearly half of all U.S. companies expect to announce furloughs, and 37% have begun a hiring freeze as the virus reaches into every nook and cranny of commercial life.

Gap on Monday announced that it was shutting its doors across North America and Europe on April 1 and would furlough their workers. The company will halt wages but pay “applicable benefits” until stores reopen, it said.

Other prominent retailers announced massive layoffs in recent days. Macy’s and Kohl’s announced Monday that they furloughed staff and closed their doors.

They’re unlikely to open again until late spring or until the virus is checked. It has already infected more than 184,180 people in the United States and killed at least 3,720, according to Johns Hopkins University data. Deborah Birx, the White House coronavirus task force coordinator, said Tuesday that the expected peak of infection and death is still some two weeks away.

The White House recommended that everyone practice social distancing for another month, and stay home if possible. More and more states are issuing stay-at-home orders and extending them further into the future, meaning that all nonessential businesses will remain closed. (Read more from “Jobs Melting Away Fast as Coronavirus Wreaks Havoc on Economy” HERE)

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