From job cuts to online commerce, virus reshaped US economy
CHRISTOPHER RUGABER, AP Economics Writer
March 11, 2021
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1of12A Space Available real estate sign is posted on the facade of a closed supermarket, Tuesday, March 2, 2021, in Manchester, N.H. After a year of ghostly airports, empty sports stadiums and constant Zoom meetings, growing evidence suggests that the economy is strengthening. Hiring picked up in February 2021. Business restrictions have eased as the pace of viral infections has ebbed. Yet the economy remains far from normal.Charles Krupa/APShow MoreShow Less
2of12A woman, wearing a protective mask due to the COVID-19 virus outbreak, walks past the signs of an employment agency, Tuesday, March 2, 2021, in Manchester, N.H. After a year of ghostly airports, empty sports stadiums and constant Zoom meetings, growing evidence suggests that the economy is strengthening. Hiring picked up in February 2021. Business restrictions ha
AP Photo/Charles Krupa
WASHINGTON (AP) At first, it was expected to be brief. At least that was the hope.
Instead, a once-in-a-century pandemic has ground on for a year, throwing millions out of work and upending wide swathes of the American economy. Delivery services thrived while restaurants suffered. Home offices replaced downtown offices. Travel and entertainment spending dried up.
The job losses were swift and harsh. But they hardly fell equally across the economy. Black and Hispanic workers fared worse than others. And many women, mostly mothers, felt compelled to quit the workforce to care for children being schooled online from home. Despite the job cuts, Americans as a whole socked away a record level of savings, buoyed by government aid to the unemployed and income that higher-paid workers, hunkered down at home, managed to squirrel away.
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