When the coronavirus pandemic hit last year, big parts of the U.S. economy just turned off. Voluntary social distancing and lockdowns, like those during the first wave in March, were necessary to help flatten the curve of COVID-19 s spread throughout the country, but these lockdowns had ripple effects on the economy.
Millions suddenly lost their jobs, pushing unemployment to historic highs. When travel ground to a halt, hotel occupancy plummeted and so did profits, which dropped 84.6% in 2020 from a year earlier. In New Jersey, that meant hotel owner Bhavesh Patel had to furlough employees to make ends meet.
American Indicators: The Faces And Stories Behind The Economic Statistics
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American Indicators: The Faces And Stories Behind The Economic Statistics
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American Indicators: The Faces And Stories Behind The Economic Statistics
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