The COVID-19 outburst is taking a profound toll on the U.S. economy. Its desperate outcomes fueled the economic downturn resultant from trade war between China and U.S. On a single day, 13th March, Dow Jones depressed by 2,352 points or 10%, S&P 500 demolished at 9.5%, while Nasdaq descended 9.4%. COVID-19 epidemic spreads out markets, shut down schools and colleges, overhangs foremost conferences, sports and cultural events. Furthermore, the epidemic upends the travel, tourism and hospitality industry. Businesses went into short-term recession and started firing workers. The hasty market deterioration and early layoffs are amplifying worries that the longest growth in U.S. history could come to an end.
According to Chief Executive Huntly Christie of Christie Lites, “an event management company laid off over 100 workers and likely to layoffs 150 workers more. Another company, a hotel in Seattle is terminating an entire department, laid off 50 people after the southwest fiesta got annulled. Norwegian Air annulled more than 4000 flights and layoffs 50 percent of its workforce. Besides these other corporations such as HMS Host, a Seattle, Washington and global restaurant services provider layoffs over 200 workers in the second week of March 2020.
Julia Pollak, a labor economist at ZipRecruiter, said that “resulted by COVID-19, U.S. will certainly see consequences on the jobs market, and it could be largely on the leisure and hospitality sector’. Another sector that is anticipating more layoffs is traveling. The embargo on international mobility put many workers idled and led to more layoffs. According to Washington Post, in Los Angeles, Sam Creighton and has 20 associates were laid off from the China Visa Service Center due to annulment of the visit to Asia out of virus dread.
Economists dreaded that more sackings in the upcoming days as supply chains come to an end, people will stay home while spending less. People are anticipating layoffs in the future; spending less, while shrinking domestic demand further. Will more layoffs led by shrinking demand through will help the masses. Defiantly NO! Big NO! People need to know what is occurring and how to prevent the approaching unemployment situation. The LaborAlert developed by Kiwi Application-LLC (play store https://play.google.com/store/apps/details?id=com.labouralerts and app store https://apps.apple.com/us/app/labor-alerts/id1113045391) proffering such platform through Worker Adjustment and Retraining Notification (WARN) notices. The WARN informs its user 60 days before any uncertain circumstance like layoffs, plant closing, workforce adjustment or complete shutdown.
Beyond Layoffs
Beyond worker layoffs, during any uncertainty, LaborAlert educates its users concerning future economic uncertainty. LaborAlert enables its users to use their rational expectation to avoid any future uncertainty. This anticipation will not only help individuals to optimize their wellbeing but also businesses to optimize their revenues.
The LaborAlerts Application is available on the App Store
for iOS and Andriod (Google Play) devices.
To get started, the application need only be installed and asks for no
personal data on the user. Although the application is free to use, the following
subscription criteria makes for several options to suit your needs.
Download LaborAlerts on the App Store
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Sync your devices such as your phone, and tablet to have easy
access to your account and the information on the application.