Coronavirus Layoffs and Seemingly ‘Recession-proof’ industries

As more families give second thought to spring break vacations, the tourism industry will probably be hard hit. People are stockpiling on basic goods and putting luxury purchases aside with potential lay-offs and temporary shut-downs looming.

Typically, May is a strong hiring month in preparation for the busy summer months. It looks like the coronavirus has changed this hiring trend for 2020.

But workers in the construction and manufacturing industry may feel a bit more secure than others. Hiring new or replacement employees is an expensive process for businesses. Companies who need skilled workers with experience will be hesitant to let their current workers go.

Construction and manufacturing companies will be working hard to find creative ways to retain their current employees while balancing the slow down. If employees and employers work together to get through the pandemic, these folks will feel less of the pocket pinch as the rest of us.

For more on this, click here on MarketWatch.

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