$22 Trillion U.S. Economy Could Fall To Just Above $12 Trillion

Mar 30, 2020

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Restaurants are in complete turmoil because they are places were people gather together. Gathering together is against CDC guidelines (until April 30^th) so most have had to close. On OpenTable, bookings have been down 100% yearly in America for 9 straight days (21^st to 29^th) and they are down 100% globally. The industry has already lost 3 million jobs and $25 billion in sales since March 1^st. That’s 3 weeks of data. This industry employs 10% of the U.S. workforce which means there will be more devastating spikes in initial jobless claims.
About 50% of restaurants anticipate doing more layoffs and hourly reductions in the next 30 days. 3% of operators have already permanently closed their restaurants. This will increase in the next few weeks if the shutdowns keep going. 11% anticipate permanently closing their restaurants within the next 30 days. That means over 1.7 million jobs will be gone for good. Only 54% of operators changed to off-premise only sales. Many restaurants can’t do this.

Details On Impacts On Small Businesses

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