As we look ahead to the last jobs report before the Nov. 3 US election, a growing number of corporations across various hard-hit industries are announcing tens of thousands of layoffs, as 'PPP' employment restrictions expire and the financial backlash from COVID-19 continues to ravage corporations and households.
Already this week, Royal Dutch Shell, Continental Airlines, Dow Chemicals, and Marathon Petroleum have announced restructuring plans that involve laying off tens of thousands of workers. Yesterday, Disney announced plans to eliminate 28,000 jobs as most of its theme parks remain closed, and the movie business remains effectively shuttered.
Layoff news, past 24 hours:— Carl Quintanilla (@carlquintanilla) September 30, 2020
* Disney: 28,000 jobs cuts
* Shell: 9,000
* Dow: six percent of workforce
* Marathon Petroleum: https://t.co/B6mgCoMu8b