- The spread of the coronavirus is plunging the global economy into recession . Coronavirus related unemployment claims are already rising and expected to explode in the coming weeks.
- According to Markets Insider, the number of jobless claims for the week ending March 14 totaled 281,000 , exceeding economist estimates for 220,000. In a week's time, Goldman Sachs anticipates the number of jobless claims could explode to a record 2.25 million.
- The travel and hospitality industries are already being hit the hardest three airlines including Air Canada have already announced a reduction in workforce and Marriott, the world's largest hotel company, is starting to furlough thousands.
- Here's a roundup of the major companies who have announced downsizing their workforce due to coronavirus thus far.
- Visit Business Insider's homepage for more stories .
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Layoffs and furloughs are coming because of the coronavirus outbreak. Here are 9 major companies that have announced downsizing their workforce so far.
Andrew Kelly/Reuters
Scandinavian Airlines (SAS) announced that it would temporarily lay off 10,000 employees — 90% of its staff — on March 15. SAS also halted the majority of its flights and is operating with limited service.
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This is a developing story, check back for updates.
See Also:
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- I flew economy from New York to Austin during the coronavirus pandemic, and it was the quietest flight I've ever been on. Here's what it's like to fly on a ghost plane during the outbreak.
- How to file for unemployment benefits if you lose your job during the coronavirus pandemic
- Bill Gates has been warning of a global health threat for years. Here are 11 people who seemingly predicted the coronavirus pandemic.
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