Will jobs pay the price for the lockdowns?
It seems that the economy will soon be paying the price of the lockdowns, as two reports suggest businesses are struggling. The lockdowns not only resulted in governments shutting down non-essential businesses, but governments also shifted people’s spending habits online, jeopardizing local jobs. According to a survey of over 700 US executives and members of corporate boards conducted by PwC in July, nearly 50% stated that they were thinking of cutting staffing and 52% said that they had already implemented a hiring freeze, Breitbart reports. Breitbart noted that several major corporations have already started laying off employees: Home goods company Wayfair decided to cut approximately 870 workers to help manage operation costs and “realign its investment priorities” following the coronavirus pandemic, the Associated Press (AP) reported this week. In addition, Best Buy was also cutting jobs as the company grappled with shifting consumer behavior, the AP reported on August 12. Another report states that 97% of corporate executives believe America is heading for a recession. READ: 97% of corporate execs think US is in recession, …