Outbreak leads many companies to reduce hiring

Outbreak leads many companies to reduce hiring


Hiring freezes, delayed equipment purchases, jittery business owners — the coronavirus is starting to have a chilling effect on American companies.   

U.S. businesses are reining in hiring and investment as fallout from the outbreak dampens sales and creates a cloud of uncertainty over the economy, a development that’s likely to further curtail growth in the months ahead.

The hiring pullback is probably too recent to have a big impact on the February jobs report, scheduled to be released Friday, but it’s expected to significantly reduce job gains through the spring, economists say.

“Businesses are now saying we have way too much uncertainty about where the economy is headed,” says Bernard Baumohl, chief global economist of the Economic Outlook Group.

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