Franchise News
According to CNN, Nearly 80 million jobs in the US economy are at high or moderate risk today, according to analysis in the last week from Moody's Analytics. That's more than half of the 153 million jobs in the economy overall.
It’s not just about the spread of the virus, rather the aftermath that has many employees worried about what happens next.
According the CNN article, it's probable that as many as 10 million of those workers could see some impact to their paychecks -- either layoffs, furloughs, fewer hours or wage cuts, said Mark Zandi, chief economist at Moody's Analytics, in the article.
Experts are predicting that as many as 1 million jobs could be lost in the coming weeks. In March of 2009, 8000,000 jobs were lost.
According to the article, because the United States is now in what is a virtual national hiring freeze, many of those losing their jobs will have trouble finding new ones. A weekly survey of 350 businesses by Moody's Analytics found that as recently as December 41% of businesses were hiring. As of a Friday survey, that's down to 12%.
Zandi goes on to say: "I think large companies are going to be slower to lay off. They are going to try to get through this. But a lot of these small businesses don't have the cash to weather the storm. It's not obvious to me how we help them. It's tough for the government to try to get cash and credit to small businesses."
This week, 1851 will be co-hosting a special Franchise Community Webinar on the Coronavirus and Franchise. Register here: https://mbf6e734.clickfunnels.com/webinar-registration1584137477175
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About the Author
Nick Powills, CFE, founded No Limit Agency in 2008 and serves as Chief Brand Strategist for the Chicago-based firm. No Limit is a full-service communications agency that establishes and elevates brands by bridging Public Relations, Social Media, Marketing, Advertising, Digital, and a lot of creativity, to best strategize well-rounded and successful campaigns for 50+ global franchise brands. By presenting visionary ideas and building real relationships, No Limit is able to create effective media branding strategies to help companies grow. Nick currently leads a staff of writers, media strategists, designers, social media experts and digital producers in an office think-tank where brands are humanized for strong, compelling media stories. Prior to starting No Limit at the age of 27, Nick spent four years working at a franchise PR agency where he mastered the art of building rapport with media outlets and creating newsworthy pitches for earned media placements. He holds a Bachelor of Journalism from Drake University in Iowa.
