The COVID-19 pandemic has greatly affected both the demand and supply across the global economy. A slowdown in the global economy has created a major challenge for governments on how to revive their economy. However, due to preventive measure, the government is supporting the closure of factories to limit the spread of coronavirus in their economies. As the US is the major developed economy with significant industrial production, the COVID-19 outbreak in the country has negatively affected the global economy. The country is home to major players operates in specialized segments, including the Boeing Co. (Aviation), General Motors (Automobile), and Microsoft Corp. (IT), among others. These companies have been significantly facing the profitability concern due to the spread of coronavirus.
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The COVID-19 epidemics has been financially affecting the US manufacturers. For instance, as per the National Association of Manufacturers (NAM) survey conducted from Feb. 28 to March 9 2020, 78.3% of respondents say that the epidemics of COVID-19 is expected to have a financial impact on their businesses and 35.5% say that they are already facing disruption in a supply chain process. Apart from these, several retailers and automobile companies have shut down their factories as a preventive measure for their workers. For instance, recently Under Armour Inc. and Nike Inc., the US sportswear retailers declared the closure of all stores in the US to limit the coronavirus outbreak. As a result, this will hinder their sales operations and thus, negatively impede the growth of the US retail sector.
Further, in the automobile sector, General Motors, Ford and Fiat Chrysler have declared they are shutting down their plants in North America owing to the COVID-19 epidemic. This would negatively impede the automobile sector in the US. Another industry where the negative effect of the coronavirus reported is the aviation industry. The US government declared early measures to avoid imports of the infected, which includes imposing travel restrictions, which has negatively limit the profitability of the US airlines industry. Therefore, the slowdown in industrial production due to shutdown of factories and imposing restrictions on air transportation are some important factors resulting in loss to the US economy, thereby causes recession which may take a lot of time to recover.
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