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LBRY Claims • permanent-business-closure-spikes-55-of

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26 Feb 2021 22:07:39 UTC
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Permanent Business Closure Spikes, 55% Of Business Closures Are Permanent & It's About To Get Worse
According to Yelp business closures peaked about 177,000 on April 19 then fell to 132,500 by July 10. Since then the total number of closed businesses declined, the number of permanent closures has surged. According to Yelp, of those 132,500 closed businesses, 72,842 were shut down permanently. That means as of July 10, permanent closures accounted for 55% of all closed businesses since March 1. The data only reflects businesses listed on Yelp’s website but it shows the depths of the economic damage endured by the US economy. The trend is likely to get much worse since there has been an enormous amount of stimulus and yet it has failed to save many of these businesses from failing. The hardest-hit industry has been the restaurant sector followed by the bars and nightclubs and retail establishments. Hotels and Travel have also seen a rash of business closures and the truth is they expect many more restaurants will be closed soon especially those businesses that operate on thin margins since they can't afford to have even a reduction in income. Small businesses are the number one employer in the US and despite all the talk about this V-shaped recovery it's going to be hard to stage any kind of economic recovery when millions of Americans may not have a job to go back to. The other concerning trend is that many of these businesses have closed permanently since things have begun to open again.
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https://www.youtube.com/watch?v=7vd-zvQ4sqo
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