‘Second wave of global job loss coming, no one is now safe’ Says Wall Street Journal

New York: Not just aviation and hospitality sectors which bore the brunt of the first wave of job losses and salary cuts, millions of white-collar jobs spanning across industries are now at stake as longer shutdowns have risked a repeat of the deep and prolonged labour downturn that accompanied the 2007-2009 recession.

According to a Wall Street Journal report, higher paid, higher-skilled jobs are now at risk as new contracts/clients are dried up, sales are plummeted, cash flow is restricted and no one is now safe in the US.

“The consensus of 57 economists surveyed this month by The Wall Street Journal is that 14.4 million jobs will be lost in the coming months, and the unemployment rate will rise to a record 13 per cent in June, from a 50-year low of 3.5 per cent in February,” the report said on Tuesday.

Altogether, about 16.8 million American workers, making up about 11 per cent of the US labour force, have already filed jobless claims for unemployment benefits.

Gregory Daco, chief US economist of Oxford Economics, projects 27.9 million jobs will be lost. “The virus shock does not discriminate across sectors as we initially thought,” Daco was quoted as saying. (IANS)

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