In what felt like just a matter of days, life as most people knew across the United States seemed to change dramatically due to the exploding Coronavirus pandemic. The impact of the outbreak will be felt at all levels of society and in all aspects of life, including the workplace. This, in turn, could have serious repercussions for consumers’ finances and their ability to make ends meet.
The Verge reported that Apple voluntarily closed all retail locations around the world except for those in China for at least two weeks. Employees there may be among some of the lucky ones, however, as the company is reported to be paying hourly workers their normal wages. Not every company can afford to do this. In addition, Apple is said to be revising and expanding sick leave options for all employees.
Even as of March 14, USA Today reported upwards of 900 layoffs directed related to the Coronavirus outbreak. It is broadly expected that many more layoffs are to come. Some industries may be hit harder or at least first. These include tourism, entertainment and hospitality.
The cancellation of leisure or professional events is another area that has already contributed to the loss of many jobs, including the cancellation of the major South by Southwest festival in Austin, Texas. Cancellations of professional and college sporting events may also contribute to this trend. Consumers will no doubt be eyeing what type of relief they may be offered in light of these truly extenuating circumstances. In the meantime, they may also be struggling to find ways to pay the monthly bills.