Housekeeper at the Mills House Wyndham Grand Hotel in Charleston, South Carolina. Photo: Jeffrey Greenberg/Universal Images Group via Getty Images

The novel coronavirus has already had a more severe economic impact on the hotel industry than the Sept. 11 terrorist attacks and the Great Recession combined, according to an industry trade group.

Why it matters: Some 45% of all hotel jobs have been eliminated or will be eliminated in the next few weeks, says the American Hotel and Lodging Association. Current forecasts of a 30% drop in hotel occupancy over a full year would result in the loss of nearly 4 million hotel jobs, from general managers to housekeepers.

What's happening: Travel industry officials are meeting with the White House's coronavirus task force Tuesday afternoon to discuss the "catastrophic economic impact on the hotel industry, its employees and U.S. economy."

  • Given the current impact of the virus on travel demand, the hotel industry is losing $1.4 billion in revenue every week.
  • Marriott Hotels began furloughing what it expects will be tens of thousands of employees worldwide because of widespread travel cancellations across the globe, the Wall Street Journal reports.

What to watch: The industry says it will recommend "urgent action and specific solutions" to protect millions of hotel jobs and some 33,000 small business hotel operators and franchise owners representing 61% of the industry.

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Jun 24, 2020 - Health

The pandemic's lost years

Illustration: Sarah Grillo/Axios

Even while still living in the midst of the coronavirus pandemic, we're starting to see the long-term effects of lost schooling, curtailed travel and shuttered businesses.

Why it matters: The U.S. will see some $7.9 trillion in lost economic growth through this decade, according to the Congressional Budget Office. The World Bank, meanwhile, predicts global gross domestic product will shrink by 5.2% in 2020 alone — nearly three times as much as the 2009 recession.

Small businesses face post-lockdown cash crunch

A seamstress works at a sewing machine in a tailoring shop in Palm Springs, Calif. Photo: Robert Alexander/Getty Images.

U.S. macroeconomic data is broadly improving but many small businesses are facing a perilous recovery as they attempt to stay afloat after coronavirus-driven lockdowns throughout the country. That's true even for the many that received government assistance.

By the numbers: A recent poll of 7,317 small business owners by Alignable finds that 43% of firms that received money through the Paycheck Protection Program (PPP) say they could be out of cash in a month or less.

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15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.