Reuters monthly Corporate survey of Japanese companies show firms under the pump due to the economic pain inflicted by COVID-19
Many of the companies polled have had to curb hiring, lay off workers or cut pay. Thjis will impact on the recovery ahead due to slower spending (private consumption accounts for more than half of Japan's economy)
55% of Japan firms who saw the pandemic hitting their labour force, two in five said they have curbed new hiring, a quarter slashed pay and another quarter laid off workers, when asked to pick multiple responses, the poll showed.
This will, of course, be repeated in economies across the globe to varying extents.
