Wikimedia Commons
Wikimedia Commons
Economic concerns have been compounded in the northern part of Michigan with the signing of Gov. Gretchen Whitmer’s "Stay Home, Stay Safe" executive order.
Bridge Michigan reported the state could lose approximately two million jobs and see employees' hours reduced with the signing of the order. The directive was created in an effort to slow community spread of the new coronavirus, but it comes with a cost.
The northern part of the state could lose up to 25% of its workforce in a heavily hit tourism, entertainment and food industry, according to Bridge Michigan.
Bridge Michigan also reported that manufacturing in the state could see short-term losses of 30%. Trade and transportation is predicted to lose 20% and construction 12%.
The light at the end of the tunnel is that the expected recession could be brief because it is virus-driven, not economy-driven, as other recessions have been.
“This is not going to be like the Great Depression,” University of Michigan economist Don Grimes told Bridge Michigan.
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