General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJust How Much Of The Economy Is Shut Down?
I know the entertainment, shopping, restaurant and travel industry is - but there is a portion of the economy that is still functioning. Has anybody took a stab at the percentage of the economy that is still running to that which is shut?
I kind of looking for a number like X% of the economy is still functioning. Do we know that number?
Shell_Seas
(3,336 posts)Of course, that's likely to change again on Thursday.
Amishman
(5,559 posts)Unemployment offices are so backed up people are taking a week or more to file. Processing is even more backed up. Plus many states require people to use all vacation first when furloughed before claiming unemployment. There are a lot of people out of work who haven't been able to file. Unemployment is a trailing indicator even in normal times.
Plus the SBA PPP loan program is essentially paying businesses not to cut staff. I know someone sitting at home responding to emails for 30 minutes a day and collecting full pay.
Plus underutilization, lot of businesses (manufacturing comes to mind) might be still working but not producing much due to lack of orders or supplies. This is a good time to do maintenance, cleaning, and repairs.
TreadSoftly
(219 posts)Looking at stats for 2018 here:
https://www.bls.gov/emp/tables/employment-by-major-industry-sector.htm
Entertainment + other services would be about 15%.
My hairdresser is going nuts. Even if the state let her work, she also has to comply with city. The dog groomer hasn't been seen.
People in rental real estate will get hammered but maybe the banks will have mercy on their souls.
I am in taxes and we are rolling along...
iemitsu
(3,888 posts)Hard to translate this into a percentage of the work force but it means at least half of us are still going to work.
uponit7771
(90,364 posts)PoindexterOglethorpe
(25,902 posts)And I'm being very precise here.
Actually, I can't begin to guess a percentage. For one thing, a lot of the economy isn't all that visible. We always see retail and food service, but a lot of jobs are in offices, behind the scenes in some way. Then there is the rather vast field of medicine, including hospitals and nursing homes. Police and fire departments. Education. The physical schools are closed, but in a lot of places there's "virtual learning" taking place over the internet.
I'm sure I'm leaving out a lot.
Squinch
(51,015 posts)business in my town, and my cousin who has two big restaurants in Florida says it is also good business, enough to keep them afloat. Staffs are cut but at least some have kept their jobs.
That being said, I think we have only seen the tip of the unemployment number.
TreadSoftly
(219 posts)Picking out some numbers for March 2020 from US Commerce Dept:
- groceries: up 26.9%
- department stores: down 19.7%
- furniture: down 26.8%
- auto/auto parts: down 25.6%
- gas sales: down 17.2%
- food service sales: down 26.5%
Anecdotally, I heard today that builders cannot get enough cabinets carpets paints etc because those mfg are not working & supplies are dwindling. The distributors are suffering with shortage too. And when restart comes, the small builders and distributors will be last in line to get things.