MARCH 25, 2020: The National Restaurant Association estimates that five to seven million restaurant workers will lose their jobs due to the coronavirus pandemic ([link removed]) in just three months. In an industry that employed 15.6 million workers before the pandemic, that means roughly one out of three restaurant workers is likely to lose their job.[1] ([link removed])
That estimate is consistent with comments from James Bullard, president of the Federal Reserve Bank of St. Louis ([link removed]) . He believes the U.S. unemployment rate could hit 30% in the coming months.[2] ([link removed])
Bullard, however, thinks the economic contraction will be short-lived. After a transition quarter, he expects the economy will be “quite robust” and suggested we might enjoy an economic “boom.”[2] ([link removed])
As for the restaurant industry itself, revenue is expected to decline by $225 billion during the next three months.[1] ([link removed]) An earlier Number of the Day ([link removed]) noted that the airline industry was projected to lose between $63 billion and $113 billion as a result of the coronavirus.
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Each weekday, Scott Rasmussen’s Number of the Day ([link removed]) explores interesting and newsworthy topics at the intersection of culture, politics, and technology. Columns published on Ballotpedia reflect the views of the author.
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_Scott Rasmussen is an editor-at-large for Ballotpedia, the Encyclopedia of American Politics. He is a senior fellow for the study of self-governance at the King’s College in New York. His most recent book, ** Politics Has Failed: America Will Not ([link removed])
** , ([link removed])
was published by the Sutherland Institute in August 2018._
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