Yelp report, released on Wednesday, said that about 60 per cent of business closures due to lockdown are permanent. A statistic showed the widespread economic impact of the pandemic.
September Local Economic Impact report concluded that 97,966 businesses on Yelp have permanently closed between March 1 and August 31. This report was published shortly before most U.S. shutdowns. 163,735 businesses on Yelp have experienced closures in the mentioned period in total.
The temporary, as well as permanent closure on Yelp, has risen by 23 per cent. This report conducted since July 10 when the company released its Q2 Yelp Economic Average report.
A particularly hard-hit industry, because of the pandemic, is, however, the restaurants with almost 32,109 restaurants on Yelp closing and 19,590 of those 61 per cent being permanent. The bars and nightlife industry has seen 6,451 closures; 54 per cent of those are permanent.
Retail and Shopping industries are under high impact too. This industry saw 30,374 business closures, 58 per cent of which are permanent. The beauty industry saw 16,585 closures, 42 per cent of which are permanent.
Lawyers, real estate agents, architects, accountants and health-related businesses, categorised under personal service, experienced some of the lowest rates of closures since the beginning of the pandemic.
Amidst the pandemic Nevada, Hawaii and California are the three states with the highest rate of unemployment.
This report released about six months after the coronavirus pandemic began. It included effects of the economy, as the epidemic caused massive shutdowns in the U.S. in mid-March. The shutdowns rendered millions of men unemployed.
In April, the unemployment rate rocketed to 14.7 per cent before falling to 8.4 per cent in August. The pandemic took out almost all the jobs gained since the Great Recession of 2008.