From Broadway receipts to NBA attendance, these 6 charts from JPMorgan show the sudden collapse of key US industries as a coronavirus recession looms
The coronavirus is driving steep downturns for several industries as cities issue stay-at-home orders and ban non-essential activity.
Early slumps in the restaurant, movie theater, and sports industries"will spill into a significant decline in activity in the rest of the economy," JPMorgan analysts said in a Monday note.Here are six charts revealing the coronavirus' hit to key US industries.After dragging the travel and tourism industries to a sudden stop, the coronavirus is now hitting entertainment and food businesses around the country.
Early slumps in specific sectors will spill over into other areas of the economy, and movie theaters, food deliverers, and sports venues are already posting major declines, JPMorgan detailed in a Monday note. The firmin the first half of 2020, and its latest note highlights where such a downturn is likely beginning.
The industry trends also forecast"likely stunning" hits to the US labor market, the bank's analysts added. The sectors highlighted by the firm account for more than 18 million jobs, or about 12% of total employment, according to JPMorgan. Demand pressures could quickly drive layoffs and spark a vicious economic downturn.
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