Economic downturn from coronavirus brings anxiety

Maryland

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HAGERSTOWN, Md. (WDVM) — With unemployment up — 42,000 new jobless claims in Maryland last week alone — some see light at the end of the tunnel, others not so much.

According to the Labor Department, the latest jobless figures are an eleven-fold increase from the previous week. Restaurants, movie theatres and other businesses are forced to close to contain the coronavirus. And while Congress is sending a $2 trillion bill to the president for economic relief, some see the downturn as just a rough patch for the economy.

“It’s a disaster what’s happening to people in terms of job loss,” says Michael G. Day, president, CEO and vice-chairman of the Maryland-based Family Heritage Trust. “But we expect that after the health crisis is brought under control, the financials will resume very strongly and people will be going back to work.”

House painter Kevin Weigand isn’t so sure how much Washington can help. “A lot of people are in serious trouble,” he says. “They need more help than what the government is offering.”

The economic news Friday was not so reassuring. The Cheesecake Factory restaurant chain laid off 41,000 workers. Those remaining in the corporate ranks will take a 20 percent pay cut.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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