As the coronavirus continues to spread, Ohio's economy (along with others) continue to deteriorate since the stay-at-home order has been in effect. Due to many citizens being ordered to be on lock down as well as the suggestion of social distancing to help prevent the spread, establishments such as "restaurants, bar, retail, hotel, entertainment and event businesses have been hit [the] hardest".
The closing of national restaurant chains who rely on dine-in services have hoped to survive with carry-out options with the consequence of laying off thousands of employees from that industry. The hotel industry was the first hit as well as the worst. Many resort-style resorts in the state have closed meaning that "18,700 hotel workers in Ohio had lost their jobs and another 78,000 hotel supplier jobs had been lost" with anticipation of another "17,000 industry jobs will dry up in Ohio as more hotels reduce operations or close altogether". All in all, it has been reported that up to "139,468 Ohioans applied for unemployment help" this week and those are those that have been reported since Ohio has stopped releasing unemployment figures on a daily basis.
This is only just the beginning of the virus outbreak and as these trying times continue, unemployment rate may reach into the double digits if establishments continue to close.
https://www.dispatch.com/business/20200323/coronavirusrsquo-horrific-toll-on-ohio-economy
2 comments:
The stimulus into the economy is a good move, but it is not enough to overcome the devastation that is to come with increasing unemployment numbers. Ohio and the country as a whole will face major unemployment for the weeks to come, and it is uncertain what direction this will go in depending on the course of the virus itself. Hopefully the impact of social distancing will help flatten the curve over time and allow business to safely open when things improve gradually.
I think that this, unfortunately, will be the most significant blow to our economy of our lifetime. If you go back to January it'd be impossible to imagine that in just two months our economy would be turned upside down. I really hope that the stimulus package will help many families and individuals who are hurting right now, however I'm not sure it will be enough, as experts are predicting the virus will not even peak until mid-May. I hope in the aftermath of this terrible virus our economy is going to roar back to form quickly, but only time will tell.
Post a Comment