Illustration: Aïda Amer/Axios

Restaurant and retail workers who can't do their jobs remotely were the first to lose their incomes to the pandemic — and, for many of them, those temporary hardships will turn into lasting ones.

By the numbers: Economists at the University of Chicago project that 42% of the layoffs from the pandemic will be permanent.

  • A huge number of retailers and restaurants — especially boutiques and smaller chains — have already closed for good, unable to weather the crisis. And more will follow before the pandemic is over.
  • Even bigger chains like Macy's and Gap might not bring back all of the hundreds of thousands of workers they let go in March, experts tell Axios.
  • And the process of recalling furloughed workers will be gradual. As states start to reopen, stores and eateries will likely operate at lower capacities and only hire back a portion of staff.

The bottom line: The silver lining in last week's jobs report — the worst in U.S. history, with 20.5 million jobs shed in April — was that around 18 million of those lost jobs were just temporary layoffs. But the outlook could turn worse in the coming weeks and months.

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Erica Pandey, author of @Work
Aug 18, 2020 - Economy & Business

Coronavirus brings a wave of early retirements

Photo illustration: Annelise Capossela/Axios. Photo by George Rinhart/Corbis via Getty Images.

The coronavirus is already triggering early retirements. That's bad news for the American economy, experts say.

Why it matters: "It’s a missed opportunity if people are being forced to retire early," London Business School's Scott says. "There's a big impact on their lifetime earnings and a big impact on lifetime expenditures. And that has macroeconomic consequences."

Updated 7 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.
Updated 10 mins ago - Politics & Policy

Republicans and Dems react to Coney Barrett's Supreme Court confirmation

President Trump stands with Judge Amy Coney Barrett after she took the constitutional oath to serve as a Supreme Court justice during a White House ceremony Monday night .Photo: Tasos Katopodis/Getty Images)

President Trump said Judge Amy Coney Barrett's Senate confirmation to the Supreme Court and her subsequent taking of the constitutional oath Monday was a "momentous day," as she she vowed to serve "without any fear or favour."

Of note: As Republicans applauded the action, Democratic leaders warned of consequences to the rush to replace the late liberal Justice Ruth Bader Ginsburg with a conservative so close to the election, as progressives led calls to expand the court.