For the best Barrons.com experience, please update to a modern browser. “You see a real mixture of states affected, not just ones with large urban centers,” said Mark Partridge, a professor with the Ohio State University who specializes in community and regional economics. The order went into effect on March 21, and Gov.
The current economic downturn is not a normal recession, owing to a pandemic rather than underlying economic weaknesses, which could explain why unemployment isn’t following its usual patterns. The financial industry has lost 628,000 jobs. Illustration by Daniel Hertzberg More than one in five workers in the East Stroudsburg metro area are employed in leisure and hospitality, a sector many economists are forecasting will be hardest hit by the slowdown in travel and consumer activity resulting from the COVID-19 pandemic. “This has obviously accelerated the penetration of digital,” Telsey of Telsey Advisory Group, told Telsey says investors will be closely watching reopening trends, Elevated inventory levels from store closures will lead to lots of markdowns, and an abundance of brands for “Retail is about ‘RE.’ Reinvent.
Alternative high-frequency data corroborate this picture. We've detected you are on Internet Explorer. Revenues collapsed as passengers cancelled trips and countries imposed travel bans. The number of unemployed men increased to 11,223,000 in April, up 198 percent from 3,765,000 in March, for an overall unemployment rate of 13.5 percent. The report also notably highlights other job losses across the economy, including education and health services, which lost 2.5 million jobs; and professional and business services, which shed 2.1 million jobs. The disparity likely results from the prevalence of women in several of the hardest hit industries.While women are 47 percent of the workforce, they are about 51 percent of leisure and hospitality workers. They also represent 53.9 percent of workers in “other services” — the second hardest hit category of workers — and 74.8 percent of those working in education and health services, A man wearing a protective face mask crosses 7th Avenue in a nearly deserted Times Square in Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., May 5, 2020. More than one in every 10 workers in the area were employed in the mining and oil and gas extraction industry prior to the COVID-19 crisis -- more than 20 times the industry's national employment concentration.
There have been 772 confirmed infections and 38 fatalities for every 100,000 people in the metro area as of May 6 -- well above the national rates of 368 and 20 per 100,000, respectively.In an effort to reduce the spread, Pennsylvania imposed a statewide stay-at-home order on April 1.
The airlines, hotel and restaurant industries are probably the hardest hit by the coronavirus. Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved.
Including other industries, a total of 23.6% of employment in Casper is in industries identified by Moody's as high-risk during the coronavirus pandemic.Casper is also home to a large number of small businesses that may lack the cash on hand necessary to stay afloat during an economic downturn. For the best Barrons.com experience, please update to a modern browser. © Alex Potemkin / iStock Unreleased via Getty Images Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. Metro areas on this list also tend to have a high concentration of small businesses. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Click through the gallery above to see w here a COVID-19 recession will likely hit hardest.
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