21 American Businesses Temporarily Laying off the Most People
As the U.S. grapples with the coronavirus pandemic, economic projections continue to spell an increasingly dire impact on the nation’s economy. As of Wednesday April 22, about 830,000 COVID-19 cases had been confirmed, by far the most of any country. The virus has quickly become the nation’s most common cause of death. In the last seven days, 21,050 people in the US died from COVID-19, more than average weekly deaths from cancer, heart disease, or car crashes.
In the 12 months through February, just before the pandemic hit the U.S., employment growth averaged nearly 200,000 jobs per month. In March, amid the rapid spread of the disease and efforts to contain the virus, nationwide nonfarm employment fell by 701,000. A majority of these March job losses were in food service and drinking establishments. Here are U.S. industries being devastated by the coronavirus.
Americans across the nation continue to lose their jobs. According to Department of Labor statistics, 5.2 million American workers filed for unemployment in the week ending April 11 — down from 6.6 million the previous week and in line with the 4-week rolling average of 5.5 million new jobless claims per week. Here are every state’s unemployment claims since COVID-19 shut the economy down.
For the week ending April 4, approximately 8.2%, or about 12 million members of the U.S. labor force, were receiving unemployment insurance. This is the highest level ever recorded since records began in 1967, surpassing the next highest level of 7.0% in May 1975.
While several of the largest U.S. companies — including Walmart, CVS, Amazon, and Walgreens — are actually hiring, Americans working at some of the largest and most famous U.S. companies have been slammed by furloughs and layoffs.
247 Wall St. reviewed news reports and company financial documents to identify 21 of the country’s famous businesses furloughing the most workers. We concentrated on the most recognizable businesses in industries hit hardest by the pandemic.