KEY POINTS

  • Coronavirus may lead to 14 million job losses in America
  • Major companies are enforcing massive layoffs globally
  • The unemployed may search for resources at CareerOneStop.Org

COVID-19 isn't just a public health risk. It's also an economic nightmare cascading a series of job losses and layoffs as businesses plunge during global lockdowns.

In the United States, the Economic Policy Institute predicted that 14 million jobs would be lost by the summer despite a fiscal stimulus from the federal government. California and Texas will have the most significant COVID-19 layoffs, while Nevada will put most employees out of work in the private sector, specifically in the hospitality and leisure industry.

Globally, the first major companies to cut its workforce come from the airline and hotel industry as countries laid out travel lockdowns to stop the spread of coronavirus.

Scandinavian Airlines (SAS) made a strategic decision to temporarily cut its workforce by 90 percent, affecting 10,000 employees as of Mar. 15. Norwegian Airlines followed suit with 7,300 employees out of jobs by Mar. 16, and 85 percent canceled flights. Air Canada will lay off 50 percent of its flight crew by April, citing that it was a "difficult but necessary" decision.

There is a broad consensus that the disease, which has wiped trillions off market valuations, will cause a global recession There is a broad consensus that the disease, which has wiped trillions off market valuations, will cause a global recession Photo: AFP / Asif HASSAN

President Donald J. Trump's chain of hotels in New York, Washington D.C., and Las Vegas, also laid-off employees as of Mar. 20. Hundreds of workers have been asked not to report to work as the Trump properties are currently closed, including Mar-a-Lago in Palm Beach, as a preventive measure against COVID-19.

General Electric (GE) stated that it had cut 10 percent of its aviation workforce, affecting 2,500 employees, while 50 percent of its repair and maintenance staff are on a three-month furlough. This means that workers are forced to go on an unpaid leave of absence.

As Congress prepares its $2 trillion stimulus package, the U.S. Department of Labor has set up CareerOneStop.org to deliver various resources for the jobless amid the coronavirus lockdown. The site includes updated data on the fastest-growing jobs, highest paying jobs, openings, and employment patterns to help workers set their career direction.

CareerOneStop.org has skills and interest assessment tests and a training program finder, where jobseekers may sign up for grants, scholarships, fellowships, and financial aid. It also has a directory, listed by state, which profiles jobs in the government or banks, as well as details on availing unemployment benefits.