Many firms have started to fire or idle workers. In the fortnight ending March 28th, 10m Americans filed for unemployment benefits
and workers have been through economic crises before. They know that each time the agony is different—and that each time entrepreneurs and firms adapt and bounce back. Even so, the shock ripping through the business world is daunting. With countries accounting for over 50% of worldin lockdown, the collapse in commercial activity is far more severe than in previous recessions.
Don’t be fooled by all this. In the last recession two-thirds of big American firms suffered a fall in sales. In the worst quarter the median drop was 15% year-on-year. In this downturn falls of over 50% will be common, as high streets become ghost towns and factories are shut. Numerous indicators suggest extreme stress. Global oil demand has dropped by up to a third ; the volume of cars and parts shipped on America’s railways has dropped by 70%.
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