The unprecedented halt to the US economy due to the coronavirus has resulted in millions of lost jobs and the closure and bankruptcy of thousands of U.S. businesses over the last few months. Local economist Dr. John Husing recently completed the quarterly economic report for the Inland Empire, which shows that many local businesses were also unable to escape the impact. According to the report, more than 150,000 jobs were lost in the Inland Empire in April alone, up 9.7 percent compared to April 2019, with more than 45,000 of those jobs in the food and drink industry. Also included in the report is Husing’s predicted economic regrowth for the Inland Empire for the rest of 2020. Reporter Andrew Dieleman tells us more…
With California slowly reopening from coronavirus closures, preliminary economic reports are showing signs of improvement. Inland Empire logistics businesses through e-commerce and international trade are showing gradual employment increases, and jobs in healthcare, manufacturing, and construction are anticipated to gradually return as the state continues to reopen and eases coronavirus restrictions. Hard-hit jobs in population-serving sectors, such as food and drink, retail, entertainment, and education, will continue to grow; but with the general population still hesitant to congregate or travel; they will likely take much longer to return to normal. While a moderate economic recovery time is predicted for the Inland empire, the local economy is not predicted to return to normal by the end of 2020.
