Phenomenal World | The First Services Recession

"In general, services go up as a share of the economy during recessions (indicated by the shaded bars), while other parts of the economy shrink more quickly. As we know, services largely involve human interaction. In a pandemic, unlike in other recessions, that will mean sales in the service sector will collapse because of social distancing. And unlike goods, the output of the services sector cannot be stored, which means layoffs will start very soon as businesses adjust their employment downward."