The coronavirus downturn could cost 5 million or more U.S. jobs, with a loss in gross domestic product of $1.5 trillion, The Wall Street Journal reports.
Why it matters: "A recession is now all but certain," according to a Wall Street Journal survey of 34 economists, which projects a downturn that would last months at least, and would in some ways rival—and possibly even surpass—the severity of the 2007-09 slump triggered by the housing collapse and subprime loan debacle."
The massive disruption caused by COVID-19 could lead companies to tap automation to manufacture products much closer to home.
Why it matters: The pandemic is revealing that the globalized supply chain that brings us many of our products is shockingly fragile. Easily programmable industrial robots could make it simpler to produce what we use here in the U.S., reducing that vulnerability.
Thousands of airport employees are being let go across the United States as the novel coronavirus continues to spread and negatively impacts the travel industry.
The latest: More than 1,200 workers were laid off by OTG on Wednesday, which operates stores and restaurants at La Guardia, Kennedy International and Newark Liberty International airports in New York, according to The New York Times.
The number of Americans filing for unemployment benefits jumped to its highest level in two years for the week ending March 14, but that was nothing compared to the absolutely historic wave of job losses economists see coming.
The state of play: Goldman Sachs predicts that more than 2 million Americans will file for unemployment claims by next week, pointing to "an unprecedented surge in layoffs this week."
America is grinding to a near halt to slow the spread of the coronavirus outbreak. It's wreaking unprecedented havoc on the restaurant and retail industries — and their millions of workers.
Why it matters: Amid all the discussion about how the pandemic is roiling Wall Street, its most acute impact is being felt on Main Streets around the country.
Amazon is planning to hire 100,000 new warehouse and delivery workers in the U.S. to meet the growing demand for online shopping amid mass business shutdowns due to the coronavirus, the Wall Street Journal reports.
Why it matters: The coronavirus pandemic has rocked the economy, exposing inequality and causing many companies to cut jobs. The $2 an hour increase in pay will be attractive to many workers, but the hiring surge means 100,000 more people will go to work and not practice social distancing.
Health care hiring has surged over the past few years, but the influx of bodies won't necessarily alleviate an impending wave of coronavirus cases.
The big picture: Most new health care jobs are on the administrative side — not doctors, nurses or other clinical staff who are needed to help triage and care for patients.
Browns center J.C. Tretter was elected as the new president of the NFL Players Association during union meetings Tuesday, beating out Buccaneers linebacker Sam Acho and Giants safety Michael Thomas.
What to watch: The election comes at a turbulent time for the NFLPA, which has plunged into a state of disarray in recent weeks thanks to the public disagreement over the proposed CBA, which includes a 17-game schedule starting in 2021 at the earliest.
The counties in Michigan, Wisconsin and Pennsylvania that flipped from blue to red in 2016 all have something in common: they're heavily reliant on manufacturing and are still struggling amid industrial decline.
Why it matters: Michigan's primary on Tuesday will serve as a significant litmus test for former Vice President Joe Biden and Sen. Bernie Sanders, who are trying to win the trust of workers in those counties.
In an interview for "Axios on HBO," Housing and Urban Development Secretary Ben Carson told me that the $7.25-an-hour federal minimum wage would be "very difficult" to live on and that in his view it should be higher.
Driving the news: "I don't have any problem with raising the minimum wage," Carson said. "My personal opinion is that it should be indexed."