Bracing for a second shutdown

Well, unemployment is a big driver of wage growth. And while the economy added 4.8 million jobs in June, the unemployment rate is still high at 11.1%.

Levanon said we can expect wage growth during the next year or two to be slower than the lowest point hit during and after the Great Recession.

To put it more bluntly, he said that would be the worst growth in recorded history.

Workers in sectors where social distancing is tough, like entertainment, travel and food services, are likely to be hit the hardest.

Not only will this make it more difficult for workers to make ends meet, it will also likely worsen the wage gap.

Japan’s job-for-life culture

Not every economy has taken as big of a hit as the US when it comes to Covid-19.

Just look at the jobs numbers in May, when there were still widespread shutdowns. Japan’s jobless rate was 2.9%. In the US, it was 13.3%.

How’s that possible?

Japan’s job-for-life culture plays a big role. While many Japanese companies are asking workers to stay at home, they are still paying them.

More than four million people in Japan were paid at least a portion of their salaries in May, even if they weren’t at work. That’s down from six million in April.

By law, Japan’s employers must pay at least 60% of wages during a company-mandated leave, reports CNN Business’ Kaori Enjoji.

Putting workers on leave has allowed the country to prevent mass layoffs, but some economists argue holding onto workers during economic turmoil could backfire.

Small businesses fear round two is coming

It’s been an incredibly tough few months for small businesses across the US.

And just as cities and states were starting to let them reopen, many are worried that they could be facing another shutdown.

That could be devastating.

There is growing concern that more government funding will be needed to keep small businesses afloat — especially if more states and cities close again.

“We, like many businesses, thought by the time the [Paycheck Protection Program] funds ran out and the loan payments were due again, we’d be out of the woods and able to operate quasi-normally,” one small business owner told CNN Business’ Jeanne Sahadi.

Survival mode: Adapt

Many businesses have been pivoting to stay afloat.

Covid-19 has changed the way we wine, dine, exercise and date. And companies are getting creative with their offerings, reports CNN Business’ Clare Duffy.

We’re talking to-go cocktails, delivery-only restaurants and direct-to-consumer movie debuts.

Coffee break

I don’t even like buying pants without seeing them in person first.

But some people are buying homes without ever stepping foot inside of them.

With stay-at-home orders and social distancing, wanna-be homeowners are relying on video and virtual 3D tours to house hunt. Home listings have also become more enhanced to give buyers a better sense of the home’s amenities and other features.