Economists warned that layoffs could jump again this fall as government support for businesses wanes and the pandemic continues to hit vulnerable firms.
Those predictions appear to be coming true, with top companies in industries most affected by the coronavirus announcing fresh job cuts this week.
The latest: Disney (DIS) is laying off 28,000 people in the United States as the pandemic hammers its parks and resorts business. Royal Dutch Shell (RDSA), meanwhile, said Wednesday that it will will slash as many as 9,000 jobs as it accelerates a shift away from fossil fuels.
The huge slump in demand for oil and gas caused by Covid-19 restrictions is pushing some of Europe's biggest energy companies to speed up a shift to cleaner fuels. In June, Shell wrote down the value of its assets by as much as $22 billion and cut its oil price forecasts.
Tens of thousands of airline jobs are also at risk this week.
US airlines promised to keep on workers until October 1 when they accepted federal bailout funds earlier this year. That prohibition ends Thursday. Some carriers say they'll hold off on layoffs, at least temporarily, while they see if Congress can come together to pass a new stimulus package, but others could start cutting jobs immediately.
The collapse in air travel caused by the pandemic could wipe out up to 46 million jobs worldwide, according to a new report from the Air Transport Action Group.
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September 30, 2020 at 06:15PM
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Chaotic debate sends US stock futures sinking - CNN
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