The spread of the novel coronavirus throughout the United States is already affecting employees, employers, and the economy. Numerous states, counties, and municipalities are requiring that Americans stay inside, avoid gathering places like restaurants, bars, and gyms, and work from home. These changes in behavior have a sweeping impact—particularly on businesses that depend on in-person interactions—prompting layoffs, lost revenue, and in some cases, business closures. This could mean broader economic changes: higher unemployment, decreased consumption due to lost wages and closures, reduced business investment due to lost revenue, and, ultimately, falling gross domestic product. How prepared are employers to adjust to new working conditions? What industries most directly impacted by recent changes, and what lessons can be gleaned from previous recessions?
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How prepared are US businesses to deal with economic fallout from COVID-19?
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