U.S. Economy Struggling Under
Unprecedented Damage Due To The Coronavirus Which Has
Shuttered 50% Of Restaurants In The NationJuly 23. 2020
President Donald Trump and House Speaker Nancy
Pelosi
The coronavirus outbreak in America is greatly damaging the U.S. economy. The new
economic numbers in America are grim and confirms my worst
suspicions from 4-months ago (The Coronavirus Is Posing A Massive
Threat To The American Economy).
A recent report stated that 50% of American
restaurants that "temporarily" closed during the national lockdown, have not and
will not reopen. That is a staggering figure and very serious
statistic. The coronavirus presents the greatest threat to the U.S.
economy since the Great Depression. It makes the 2008 financial
crisis look like a cakewalk.
STORY SOURCE
Yelp says more than half of restaurants temporarily closed are
now permanently shuttered
It's tough out there for restaurants and
other small businesses. Yelp's Economic Average report
out Wednesday shows exactly how tough: 60 percent of the
26,160 temporarily closed restaurants on the business
review site as of July are now permanently shut.
Temporary closures are dropping, and permanent shutdowns
are increasing.
Yelp's previous report in April found
that more than 175,000 total businesses were closed in
some capacity. Just under 25 percent of those closed
businesses have reopened three months later. For
restaurants in particular, this is becoming the way it
goes. Yelp noted a 23-percent increase in permanent
restaurant closures from only a month ago. Bars and
clubs are also closing forever at high rates: 44 percent
(as of July) of 5,454 temporarily shuttered bars and
other nightlife establishments are shut for good.
Yelp broke down which cities and states
are experiencing the most closures, both temporary and
permanent. Places like Honolulu, San Francisco, and Las
Vegas were struggling to keep businesses open as the
cities with the highest rate of closures. Your local
favorite may be in danger if these trends continue, and
it may have already been lost...
https://mashable.com
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