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Coronavirus pandemic has destroyed 1.4M franchise jobs, causing ‘lasting’ damage: industry group
The fastest growing US jobs
Arena chairman and CEO Michael Rosenbaum weighs in on the fastest-growing jobs in America and how the coronavirus pandemic is changing the job market.
The coronavirus pandemic wiped out an estimated 1.4 million franchise jobs through the end of August, causing "lasting perennial damage" to the sector in the U.S., according to the International Franchise Association.
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Nearly 60% of the job losses were classified as temporary, although recent data shows many U.S. employers who thought they'd be able to rehire furloughed workers are now saying they cannot.
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"This report shows that COVID-19 has caused a staggering amount of business closures and layoffs across franchise businesses,” Robert Cresanti, International Franchise Association president and CEO, said in a statement. “These are locally owned, community businesses like exercise studios, dry cleaners, restaurants, and bars. Additional broad-based and long-term Congressional action is desperately needed to stave off additional closures and layoffs, particularly for the hardest-hit businesses.”