The jobs recovery in the U.S. appears to be slowing down, according to new data from the Bureau of Labor Statistics. Industries hit hard are finding it difficult to claw back to normalcy, even as reopening measures persist across the country. Many in the U.S. are coming around to the idea that a substantial portion of the damage caused by the great jobs crash in April will be permanent. Data on the loss of retail stores in the country shows how that industry may know this fact the best.
According to data compiled by the Wall Street Journal from Coresight Research, retail stores continue to disappear by the hundreds each month. After mass layoffs in April, 1,330 stores closed permanently the following month. While the number of closings trended toward a recovery for June and July, another huge wave of 2,163 closings were observed in August – highlighting how many retail stores in the U.S. continue to struggle even as city and state governments reopen their doors for business.
No retail business has been spared from the COVID-19 economic crisis, with small businesses closing their doors at similar rates to big corporations declaring for bankruptcy. Still, in terms of total store closures, small businesses may be suffering the most. Experts have said another small business stimulus is necessary to act as a life preserver for businesses across the country, however negotiations on a stimulus package have stalled yet again in Congress.