As some parts of the country reopen from the Pandemic Lockdown, there appear to be three phases that the economy and businesses will move through. I’m calling the process “T-3”, which stands for “TRIAGE, TRANSITION, and TRANSFORMATION.
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Another 4.4 million Americans filed for unemployment benefits in the week ending April 18th, putting the five-week tally at 26 million. To put that astounding number into perspective, it has taken just five weeks to sideline the same number of workers as jobs created since 2009.
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None of us wants to lose that ingrained optimism, it is one of the wonders of being human. But amid the pandemic, it is instructive to look back and forward to change what we do, how we think and what we say, as credible information emerges.
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The International Monetary Fund (IMF) has labeled the pandemic-induced global recession as “The Great Lockdown” and predicted that it would be the worst downturn since the Great Depression, much deeper than the 2008-09 financial crisis.
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The deepest recession “of our lifetimes” could be on the horizon, according to the World Trade Organization; coronavirus has delivered “unprecedented shocks to economies and labor markets.”
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Apocalyptic, a natural catastrophe, a generation-defining moment are just some of the words or terms that describe the economy and the labor market right now. The news could get a lot worse in the coming months.
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Pandemic lifelines have arrived from Congress. The crushing financial impact from coronavirus prompted the government to provide $2 trillion dollars in the third phase of its response to the escalating crisis.
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It’s official: the coronavirus health pandemic has become a financial pandemic. Already, tens of thousands of workers are being laid off, especially in the airline, hotel and hospitality sectors.
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The Federal Reserve announced emergency actions to guard against the coming economic impact of Coronavirus.
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