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Blair Edwards
Blair Edwards

Editor

About 27 million jobs are projected to be "high risk," with another 52 million jobs in the "moderate risk" category.

According to recent analysis by Moody’s Analytics, nearly 80 million U.S. jobs are at high or moderate risk due to the coronavirus outbreak, CNN reported on Monday — which is more than half of the country’s 153 million jobs.

Moody’s chief economist, Mark Zandi, said this does not mean every single one of those jobs will be lost, but the news outlet reported that it is “probable that as many as 10 million of those workers could see some impact to their paychecks -- either layoffs, furloughs, fewer hours or wage cuts.”

About 27 million of the jobs are considered high risk, mostly in “transportation and travel, leisure and hospitality, temporary help services and oil drilling and extraction,” with a possible 20 percent of those workers likely to be affected.

Zandi said the other 52 million jobs are at moderate risk of being affected, including those in retail, manufacturing, construction and education, where about 5 million workers could be unemployed or underemployed.

Kevin Hassett, the former chairman of President Donald Trump’s Council of Economic Advisers, said on Monday that the U.S. could see as many as 1 million jobs lost next month — which CNN noted “would be significantly worse than the 800,000 jobs lost in March 2009, the worst month of the Great Recession.”

"People are going to be buying less of everything. The stock market is down and wiping out people's nest eggs," Zandi said. "They're worried 'Am I going to get sick? Are my parents going to get sick?' That's a prescription for people going into the bunker and for job losses."

And for those who lose their jobs, finding a new one will be tough: “A weekly survey of 350 businesses by Moody's Analytics found that as recently as December 41% of businesses were hiring. As of a Friday survey, that's down to 12%.”


Economics, Finance and Investing

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