The coronavirus crisis is already upending the service industry and has the potential to permanently shift the way it operates.
FILE - In this April 4, 2020, file photo, pedestrians pass closed stores on Roosevelt Avenue in the Queens borough of New York. The coronavirus crisis is upending service businesses, and the crisis may permanently change the way Americans work, shop and socialize, even after the disease fades away.
“We’ve never had a crisis where we couldn’t socially gather with people,” said John Gordon, founder of Pacific Management Consulting Group in San Diego, which advises restaurants. It is sure to claim many more. In an interview Monday on CNBC, former Fed Chair Janet Yellen predicted that unemployment rates could climb to Great Depression levels. But because the economy was in solid shape before the outbreak, she added, the return to normal employment could happen much faster than during the Depression or after the 2007-2009 Great Recession.
Josh Rivas is among the millions of job casualties in the U.S. He works at a Subway at a rest stop in Connecticut where he and co-workers were laid off because of the virus amid dwindling traffic at the plaza. “We can’t afford for us to miss a day of pay because we have families that we need to take care of and bills we need to pay,” he said.
“As long as we do the policy right, we should get a pretty strong recovery,” said Heidi Shierholz, senior economist at the liberal Economic Policy Institute and former chief economist at the Labor Department. “When the lockdown is over, I think we’ll get a pretty decent bounce back.”Still, some effects of the outbreak are likely to linger, analysts say.
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