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About 23 million of the 152 million jobs in the US are at the epicenter of the COVID-19 crisis. Some of the hardest-hit sectors are in the hospitality industry (hotels, restaurants, and entertainment). Other hard-hit sectors include temp help services and air transportation, which could see layoffs threatening as much as 10.2% of all jobs. The takeout food, bar, and ground transportation sectors represent another 4.9%. Most of these jobs fall into the manual services category and may seem easy to replace. However, given the uncertainty about the economic response to the crisis, companies may want to consider how to retain their best-trained workers as an alternative to firing them. Options may include short-time working and temporary wage reductions, especially if supported by federal, state, or local schemes.
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December 23, 2020 | China Center Publications
December 18, 2020 | Publication
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