As the Coronavirus pandemic continues to spread and the Businesses will see a huge impact across all areas. Coronavirus has allowed people to understand the business and economic implications of many trends like remote working, consumer shopping behaviour, global advertising, etc. Here are a few ways the COVID 19 is affecting the US businesses.
A simple look at the stock market is enough to tell you the devastation the coronavirus has done. There are numerous factors here at play. The initial outbreak of the coronavirus in china has interfered with the global supply chains. It is recorded that over 3.28 million Americans have reported for unemployment which is due to layoffs surge in the US. This had a short term effect and a long term economic impact which can work for years.
It is estimated that 99% of all the businesses are small and have half the US workforce. Most of the small businesses can lack the cash reserves and can have a month-long interruption and forecasts which indicate more than 2 million workers who are on the verge of losing their jobs in just a week. There is a huge possibility of the startup depression where the new companies get to enter their job markets are going to face a difficult time.
Industries like hospitality, travel are some of the most impacted industries. There are many cancellations, restaurants and bar closure which can allow you to have low consumer confidence. There is a manufacturing and construction industry which are largely held off due to the layoff decisions, and the industry will suffer some demanding strains until the demand drops. The CDC has outlined many ways to help adjust to the pandemic to help continue the essential functions(Must Watch) for the people in the community who rely on certain services.
With the media narrating, most countries decided to open themselves; there are still the largest economies who are emerging to help continue with the emerging economies. The increased number of the countries and regions have proven to be the reason to drive a reduction in cases, to dates which can have success outside the higher income countries. The next few weeks will allow them to have critical tests of the ability to help bend the curve in more countries with varying contexts and heath capacities. There is an absolute need to number deaths which is relatively low and can be viewed through the lens of lively hood and lives. The reopening, although massive, can have a modern global economy. For better or for worse, these strategies seem to work better with the best actions. The initial response of some countries gained them a challenge as they reopened as there was an increase in cases.