(Bloomberg) -- The economic impact of the growing coronavirus outbreak is shifting from service-driven industries like hotels and restaurants to the manufacturing sector on both sides of the Atlantic, leading to a synchronized shutdown of heavy industry that historians and industry experts say is unlike
The economic impact of the growing coronavirus outbreak is shifting from service-driven industries like hotels and restaurants to the manufacturing sector on both sides of the Atlantic, leading to a synchronized shutdown of heavy industry that historians and industry experts say is unlike any seen since the 1940s.
Among Trump’s moves was his authorization of powers under the Defense Production Act, which was established at the time of the Korean War to allow the government to direct industrial capacity. Larry Kudlow, his top economic adviser, later told Fox News that the administration was already in discussions with General Motors Co. and other automakers to start producing ventilators vital to treating people affected by the virus.
Guinnane argues the shutdown now under way in Europe and the U.S. follows an encouraging example in China where life has started to return to normal after a six-week closure. Plus, he said, it’s not clear -- yet -- that there will be longer-lasting damage to the U.S. economy. “There is no longer doubt that the longest global expansion on record will end this quarter,” they wrote.
In Germany, car companies are expected to shut down for about two weeks, leading to a significant dislocation in workers. Volkswagen AG is Europe’s largest industrial company and employs about 475,000 people on the Continent. GM, Ford Motor Co. and Fiat Chrysler Automobiles NV all said Wednesday they would halt production through the end of March to sanitize plants and adjust to a dropoff in auto sales.
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