- The corona virus is causing a sharp downturn in several industries, as cities place orders to stay at home and do not prohibit essential activities.
- Early slumps in the restaurant, cinema and sports industries "will result in a significant decline in activity in the rest of the economy," JPMorgan analysts said in a Monday announcement.
- The declines will also have a "likely breathtaking" impact on the US job market, the bank added.
- Here are six diagrams that show the success of the corona virus in major US industries.
- You can find more stories on the Business Insider homepage.
After the travel and tourism industry suddenly came to a standstill, the corona virus is now affecting entertainment and food companies across the country.
Early slumps in certain sectors will affect other areas of the economy, and cinemas, grocery stores and sports venues are already experiencing significant declines, as JPMorgan detailed in a Monday statement. The company already expects the U.S. to enter recession in the first half of 2020, and its latest release highlights where the downturn is likely to begin.
Industry trends also predicted "probably breathtaking" effects on the US job market, the bank's analysts added. The sectors highlighted by the company account for more than 18 million jobs, according to JPMorgan, which is about 12% of total employment. Demand pressure could quickly lead to layoffs and trigger a malicious economic downturn.
Here are six diagrams that show the first economic successes of the coronavirus.
US cinemas are fighting
The till receipt data released on March 19 showed a 97% decrease compared to the same period last year, and the studios have not reported any data since the theater chains were closed. Some major companies have since released new films for instant streaming to households, while others have postponed major film premieres for months into the future. According to analysts, the number of visitors to the cinemas has probably dropped by 100%.
Broadway falls on a new floor
The Mayor of New York, Bill de Blasio, ordered Broadway to close its doors on March 17 and pushed the theater capital's attendance numbers down after a rapid descent using coronaviruses.
NBA participation drops to zero
The National Basketball Association announced its season break on March 11 after Utah jazz player Rudy Gobert tested positive for coronavirus. The season has been closely tied to previous years, but stadium visits dropped to zero in about a week when the games were canceled and cities asked Americans to avoid large crowds.
Restaurant bookings decrease
The surge in US coronavirus cases in March caused cities, bars and restaurants to close. The decline documented by OpenTable data shows a gradual downward trend in most cities before ordering, probably due to increased fears of coronaviruses and new cases across the country.
Food delivery doesn't jump
While some restaurants have remained open to serve customers with delivery orders, data received from JPMorgan shows that the replacement won't win if the outbreak escalates. Instead, grocery delivery services are increasing as consumers avoid overcrowded shops and stock up on longer self-quarantines.
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