MGM Resorts and Coca-Cola latest US firms announcing layoffs – Aljazeera.com

MGM Resorts is laying off 18,000 people as an unchecked coronavirus pandemic leaves economic scars across a broad swath of industries in the United States, particularly those that rely on healthy crowds of people. The layoffs at MGM, which amount to about a quarter of its US staff of about 70,000, caps a wave of…

MGM Resorts and Coca-Cola latest US firms announcing layoffs – Aljazeera.com

MGM Resorts is laying off 18,000 people as an unchecked coronavirus pandemic leaves economic scars across a broad swath of industries in the United States, particularly those that rely on healthy crowds of people.
The layoffs at MGM, which amount to about a quarter of its US staff of about 70,000, caps a wave of job cuts and buyouts this week across a broad array of industries.
Economists warn that sizable layoffs will continue and any recovery is likely to falter as long as the virus rages and Congress does not come up with additional financial aid for the unemployed, as well as desperate state and local governments.
“We think recovery in the job market will be slow,” Nancy Vanden Houten, lead economist at Oxford Economics, said. “Ultimately, the recovery in the economy and the job market will depend on a medical solution to the coronavirus. In the near term, we think the lack of further federal support poses serious downside risks to the outlook.”
MGM furloughed 62,000 of its 70,000 employees when casinos in Nevada were forced to close on March 17. Many of them opened again in early June, but mandated capacity controls are in place.
MGM, with properties in Mississippi, Massachusetts, Michigan, New York and overseas in Macao, has brought back workers, but with 50 percent c
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