The economic damage from the pandemic was initially concentrated in tourism, hospitality and related industries. But now the pain is spreading much more widely. The Institute for Supply Management said Wednesday that the manufacturing sector, which had recently begun to recover from last year’s trade war, was contracting again. Data from the employment site ZipRecruiter shows a steep drop in job postings even in industries usually insulated from recessions, like education and health care.
Law firms, technology start-ups and other white-collar employers that were initially able to keep workers on payroll and let them work from home are now laying people off as revenue dries up.
Even ZipRecruiter isn’t immune — the company cut hundreds of jobs this week as the steep drop in job postings cut into its business.
“People are being way too sanguine about a lot of the white-collar industries,” said Martha Gimbel, an economist and labor market expert at Schmidt Futures, a philanthropic initiative. “This thing is going to come for us all.”