Special Bulletin: Which Retailers are Hiring Amid Coronavirus Outbreak

April, 2020

Needs-Based Retailers Announce Surge in Hiring Plans

Key Takeaways:

  • Despite record layoffs and unemployment claims, some retailers have announced efforts to hire thousands of new employees 

  • Firms taking on additional staff are primarily in the drug, grocery/general, home improvement and online fulfillment sectors.

  • The largest announcements include:

    • Walmart (150,000), Amazon (100,000) & Home Depot (80,000) 

    • CVS (50,000), Dollar General (50,000) & Kroger (33,000)

    • Albertsons/Safeway (30,000), Lowes (30,000) & Dollar Tree/Family Dollar (25,000)

Housing Market Slips as Buyers Stay-Put During Pandemic

Key Takeaways:

  • Mortgage applications for home purchases have declined more than 30 percent in the past four weeks

  • Buyers are hesitant to make large purchases in the midst of an economic slowdown, widespread unemployment and uncertain outlook

  • Lockdown orders and restrictions on movement have complicated the sales process

  • Mortgage rates are near historic lows, but lenders have become more risk-adverse and have tightened borrowing standards 

Small Business Optimism Radically Reduced

Key Takeaways:

  • Index tracking optimism level of small businesses fell dramatically in March setting a record for largest monthly decline

  • Outlook on economic conditions, plans to hire, and expectations for sales saw the largest drops in sentiment

  • Survey data was collected in the first half of the month, so it does not reflect any boost from the passage of the CARES Act, which has specific provisions to shore up small business payrolls

  • About half of small businesses report they cannot survive more than two months under current conditions

White House Seeks Additional Funds for Paycheck Protection Program

Key Takeaways:

White House officials are working with Congress in an effort to secure an additional $250 billion for the Paycheck Protection Program passed as part of the CARES Act stimulus plan

  • The program currently provides $349 billion in forgivable loans to small businesses for payroll, rent, and utilities

  • Since launch, the program has been very popular causing fears that the funds may become depleted

  • Some small businesses have reported difficulty securing funds due to overwhelming demand

COVID-19Peter StandleyApril 2020, Performance, 1