Over 30 million people have filed for unemployment protection in the COVID-19 shutdown. 🔐
While the talk has turned to opening the economy back up in areas that have skirted the worst of the COVID-19 crisis, the shutdown is still adding to the unemployment rolls.
Many retailers have contributed to the grim total by furloughing workers to conserve cash during the shutdown, which caused first-quarter GDP to shrink by 4.8 percent — even though the three-month period included only a few weeks of real disruption. As it is, even strong companies have proven to be ill-prepared to for the shutdown. While some are looking now to new market share opportunities or acquisitions, there is also a wave of bankruptcies and business cutbacks building that could help keep the economic pressure on.
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