Job Cut Announcements Due to COVID-19 Begin. Through the morning of March 12th, U.S.-companies have announced 633 job cuts specifically tied to the outbreak of novel coronavirus, according to tracking from global outplacement and executive and business coaching Challenger, Gray & Christmas, Inc.
“We are indeed seeing job cuts from companies that are grappling with Supply Shock. The Port of Los Angeles cut 145 drivers after shipments from China stalled, and a toy maker cut 18 jobs due to a work stoppage in China,” said Andrew Challenger, Senior VP of Challenger, Gray & Christmas, Inc.
“Meanwhile, cancelled events in the US contributed to 300 job cuts. We also tracked cuts announced by an energy company that blamed not only the outbreak, but also the tightening oil sector.
“Circuit breakers on the major exchanges have been triggered twice, and the Dow is currently down 1,700 points. These will not be the last job cuts we see from this outbreak,” he added.