Right....Dont listen to "experts" who say a good target for unemployment is 8-9 percent by end of year. Thats based on nothing changing at all and companies sitting around doing nothing except watching everything burn down. Thats not how it works.
We have seen Neiman Marcus filed for Chapter 11 bankruptcy on May 7, citing “inexorable pressure” from the coronavirus pandemic. J. Crew filed for Chapter 11 bankruptcy protection on May 4, and True Religion filed for Chapter 11 bankruptcy protection on April 13. Pier 1 Imports filed for Chapter 11 bankruptcy on February 17. Earth Fare filed for Chapter 11 bankruptcy on February 4, Modell’s Sporting Goods filed for Chapter 11 on March 11, and Art Van Furniture filed for Chapter 11 on March 8. Stage Stores, which owns Goody’s, Palais Royal, Bealls, Peebles, and Gordmans, filed for Chapter 11 bankruptcy on May 10.
Fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection in the US. The company said it plans to “exit most international locations in Asia and Europe” but would continue to operate in Mexico and Latin America. It expects to close up to 350 stores worldwide, a spokesperson said, including as many as 178 US stores.
The all-out Chapter 7 Bankruptcy which is liquidation included J.P. Penny filing for bankruptcy in the USA on May 15, saying in court documents that pandemic-related disruptions pushed it over the edge suggesting that it is no longer viable which will scare many shopping malls. Garden Fresh Restaurants also filed for outright bankruptcy.
In Germany, the situation at the department store group Galeria Karstadt Kaufhof and Deutsche Bahn is coming to a ahead. In addition, numerous medium-sized companies have had to file for bankruptcy in the past few weeks.
The economic fallout has only begun. These are the end-retailers. Then you have the distributor companies and behind the manufacturing companies and all the shipping.
People that are still employed are using their stimulus checks to buy cars. Paper tags on vehicles all over the place right now.The economic recovery will happen faster than the doomsayers. Right now the major brick and mortar losses are too high for the e-commerce gains and healthcare/education/hospitality has taken a huge hit. The more people get back to work the more they resume normal activities like going to the dentist and any other surgery they delayed before. Companies should see most industries posting close to flat YoY numbers in 2-3 months. I am actually amazed at how fast American companies are able to adapt, its really been inspiring to watch. Full disclosure, one of my main clients is currently a large retailer.
Around August retail will be on pre pandemic levels only the share will skew towards e-comm. More jobs will be needed for call centers and less on store clerks. Companies are loving this because they have already transitioned their call center to work from home and can higher Americans in small towns with half the wage they would need in say California which is where i am.
While hospitality and tourism has crashed Americans will likely spend more when things open up, airlines have been balied out and most people will travel inside their country at a far higher rate than normal. Less money for say france/mexico/tailand but more for florida and nevada. Foreign travel will likely be the last thing to go back to normal.
Dont listen to "experts" who say a good target for unemployment is 8-9 percent by end of year. Thats based on nothing changing at all and companies sitting around doing nothing except watching everything burn down. Thats not how it works.
Yes its true: theater ticket stub guy, back up hostess who's job is to say hello while swiping her phone and my favorite - guy with flag pointing to parking ramp, these specific jobs might not be coming back in pre pandemic numbers but those skills as meager as they are can be transferable to new positions and it will not take till mid 2021 for the transition to occur.
You got that right. And it's a shift that is long, long overdue. The antiquated classroom style of teaching, in garish cathedral school buildings with legions of needlessly overpaid administrators, faculty and staff, is being shown for the time waster that it is.I work in education. There will be major shifts across the board especially in the U.S.
I have been trying to get a handle on the education plan here in Vancouver. Some of the ideas floated around have been - thankfully - beaten down by parents. Things like 'Social Distancing Box' are about the line most parents will not cross. For all the hate spewed by society toward home schooled kids are the "they turn into awkward weirdos" it looks like keeping kids from interacting is going to become a platform. I know the gangster teachers unions will support this, as it keeps from forming ingroups and in the case of boys, makes their lives somewhat more challenging.I work in education. There will be major shifts across the board especially in the U.S. From what I've been hearing in the school system I teach options are longer school days, A day B day attendance, continued distance learning even into fall of 2020, some projections don't have high-school opening up until mid-year(ie start from elementary and work your way up slowly) we haven't heard anything about vaccines. We still can't even go to our school and get items even though it's been closed for literally months(but this is not the case everywhere). No one is allowed to fail in elementary this year, highschool is failing students at a system next to mine only if they were failing before. The only thing thats common is zero accountability regardless of school or district(if a student does nothing they can't be held accountable because we don't know their personal situation). Mind you this is only in my school system on the north east not sure about specifics of other places. I know some states closed school for the year early. The reason I bring this up is because our schools were already performing horribly before, all the teachers I've spoken with agree this is just going to make it ten times worse(adding on the notorious summer slide) not to mention the psychological effects on the students. I truly think this psy-op is more aimed at school age children because like 911 it will have a ripple effect and be used on them in the future. Plus they are easily scared especially if there parents have them locked down at home.
That's one possibility - it depends on how sensitive the job is and how dependent it is on cultural compatibility and being "on" at the same time as the client. It's not too hard to figure out the taxes part and it'll be the employees job anyway to report it.Or they could outsource to cheaper cities/towns within the US. It's a lot easier to pay someone within the US (tax and benefits paperwork); they're in the same general timezone; no cultural mismatches; and they can pass a background check.
Senate passes bill to delist Chinese companies from exchangesLast week, Trump said in an interview on Fox Business that he’s “looking at” Chinese companies that trade on the NYSE and Nasdaq exchanges but do not follow U.S. accounting rules. Still, he said that cracking down could backfire and simply result in the firms moving to exchanges in London or Hong Kong.
Minnesota’s Catholic Church and a conservative Lutheran denomination said Wednesday they’ll resume worship services next week in defiance of Gov. Tim Walz’s executive order limiting religious services to 10 people.
The Minnesota Catholic Conference and the Lutheran Church — Missouri Synod (LCMS) in Minnesota sent separate letters to Walz announcing they would resume worship services May 26. To date, the novel coronavirus has resulted in the death of 777 Minnesotans.
Noting that “darkness and despair” have gripped the country, Archbishop Bernard Hebda said in a statement that “faith has always been a source of comfort and strength and now more than ever it is of the utmost importance that we are able to meet the spiritual needs of our community.”