Job Losses Hitting Nearly Every Economic Sector

Melissa Culross
April 06, 2020 - 1:10 pm
People wait in line outside Washington state food bank

Karen Ducey/Getty Images

The COVID-19 pandemic continues to hit the economy hard. With 10 million people filing new unemployment claims over the last two weeks, the employment crisis is running deep. 

Hospitality, airlines and the service industry have all been hit hard and the losses do not stop there.

“Just in April, we’re seeing hundreds of thousands of people laid off from retailers,” says  CBS News Senior Business Analyst Jill Schlesinger. “Last year, retailers closed 9,300 stores; twenty-three retail bankruptcies. And if you think about it, that was when the economy was in decent shape. What’s going to happen now? Some of these retailers aren’t going to make it.”

Even the healthcare sector is taking a hit. “That may seem counterintuitive,” says Schlesinger, “but if you think about it, what about an optometrist? My friend is a dermatologist; she laid off 85 percent of her staff. Those are all non-critical things, and no one wants to go into a doctor’s office right now unless they have to.”

Scheslinger says that in the near term, federal stimulus programs need to be robust so that people get make it through the crisis.