Job losses have begun in ports, bakeries and travel agencies. Economists worry more layoffs are coming as businesses see plummeting sales.
The coronavirus outbreak is taking a deep toll on the U.S. economy, prompting hundreds of layoffs over the past week alone and halting a historic 11-year bull market in stocks.
Strong job growth and soaring financial markets have fueled the U.S. economic expansion over the past decade. Now the rapid market decline and initial layoffs are heightening fears that the longest economic expansion in U.S. history could come to a sudden end, just a month after unemployment stood at a half-century low.
The Dow Jones industrial average lost 1,465 points, or 5.9 percent, Wednesday with every sector slumping after the World Health Organization designated the coronavirus a pandemic. The Dow closed in bear market territory, meaning it had shed more than 20 percent from its high less than a month ago. Continue reading.