Fourteen million US jobs could be lost by this summer as businesses shutter in response to the coronavirus pandemic, the Economic Policy Institute predicts in a new report.
That's more than 10% of all private sector jobs lost, the group writes. Retail, leisure and hospitality are expected to take the biggest hits.
These sectors "are likely to be disproportionately affected by the social distancing measures that are needed to slow this pandemic," said Julia Wolfe and David Cooper, Senior Economic Analysts at the EPI. "States like Nevada, Montana and Hawaii are projected to lose the highest percentage of their employment because a large amount of their workforce is employed in leisure, hospitality and retail sectors."
The EPI also estimates the US will need "at least $2.1 trillion in federal stimulus through 2020 to restore the country to reasonable economic health."
Even with $2 trillion, the group added that "many people will still need to remain out of work, potentially for months, in order to stop the virus's spread."