Voices
We could easily see a dual or two-speed recovery, where the manufacturing sector gets back to work pretty quickly, but the services sector takes a lot longer to get back on track.
Yesterday, it emerged that the number of people receiving income supports has soared to over 700,000, of which some 500,000 related to the Covid-19 crisis. Meanwhile, weekly data from the US Department of Labour showed that 6.6 million Americans had filed jobless claims – the second consecutive record jump. The US Federal Reserve’s James Bullard noted that US unemployment could reach levels of close to 30 per cent in the second quarter. Jobs in the services sector, which rely on close human contact, have been particularly badly affected. Consequently, anyone working in retail, in bars and restaurants and in the…
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