According to a report from Yelp, the online review company, 60% of business on their service who have experienced Chinese coronavirus shutdowns are closing for good.
Restaurants are leading this dismal charge with 32,109 closures as of August 31, with 19,590 of these business closures indicated to be permanent (61%).
Retail and shopping follow behind restaurants with 30,374 total business closures, 17,503 of which are permanent (58%).
Bars and nightlife had 6,451 total business closures, of which 3,499 were permanently closed (54%).
Other sectors haven’t been hit as hard. Automotive, Home related businesses, health care and professional services have all avoided mass permanent closings.
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The states with the most closures, both temporary and permanent, are states with the highest unemployment. Hawaii, California and Nevada have the highest rate of total closures, and the three are at or near the top of the unemployment list.
It’s clear the continued lockdowns have caused serious harm to individuals and the economy. It’s far past time to lift most of the restrictions and reign in the governor’s that are imposing them before it gets worse.