The US industrial technology sector has been hit hard by a series of hurricanes, which have killed hundreds of workers and forced hundreds of businesses to shut down, the Wall Street Journal reported.
While the storm was far from the worst to hit the industry in recent years, it was certainly not a quiet one.
The WSJ noted that a total of 8,849 workers were killed or injured in the disaster and that the death toll could rise as many as 10,000.
The storm also hit a critical industry, manufacturing, with the Journal citing a report from the U.S. Chamber of Commerce that found that the losses from the hurricane are expected to reach $500 million by the end of the year.
As the WSJ notes, the losses have forced the closure of about 10,500 factories.
The Wall Street, which is owned by Morgan Stanley, reported that the company is looking at closing an additional 12,000 plants over the next two years, and the Journal noted that the WSJD could have more than $100 billion in annual revenue from its investments.
The company is currently working on plans to reduce its workforce by roughly 100,000 people, and has reportedly laid off about 80 percent of its workforce.
A recent survey by the Business Roundtable found that companies like GE and Lockheed Martin, two of the companies mentioned by the WSJs article, are the most likely to see their revenues decline.
The Business Roundtables report said that “corporate executives see job losses in the sector rising in the next 12 months, as new workers are lured to the U, which has historically been a low-paying job market.”
The WSJs report also cited an online survey by consulting firm McKinsey, which found that about 75 percent of companies surveyed have already announced layoffs in the coming months, and that more than a third of firms surveyed had already laid off workers.
The job losses are already a drag on the economy, as more than half of the roughly 1 million jobs in the U to 2016 are in manufacturing, according to a study by the American Council for an Industrial Economy.
The Journal’s article cited a McKinsey report which said that job losses will be a drag “on the overall U.s. economy by 2021, when manufacturing is expected to have lost almost 50 percent of the jobs created in the past decade.”
McKinsey also cited a study released by the Federal Reserve Bank of St. Louis, which estimated that if the hurricane does not recede by the beginning of next year, the job losses could hit a record $4.2 trillion in 2020.
The Federal Reserve’s report also said that more layoffs are expected in 2021 and that unemployment will hit 6.5 percent in 2021.
While a full list of the firms listed in the WSJournal article can be found at the WSJB article, the WSJC’s report specifically pointed to Lockheed Martin and GE as having lost the most jobs, followed by General Electric.
The report also noted that more companies are likely to lose billions of dollars from the storm, with General Electric expected to lose $1.4 billion, Lockheed Martin losing $2.1 billion, and General Motors losing $1 billion.
According to the WSJS, some of the losses will come from companies like General Electric and Lockheed which are known for producing large amounts of technology.
The US Chamber of Congress also reported that about 30 percent of jobs in manufacturing are at risk, and while it said that the damage will be extensive, it also warned that “weakening of the economy is likely.”
According to an article from Reuters, more than 2,400 manufacturing jobs were lost in the US and its territories during the hurricane, and an additional 9,500 jobs were at risk in Puerto Rico.
The companies that have been hit the most by the storm include Boeing, which lost more than 5,500 workers in Puerto Rican airports, and American Airlines, which reportedly lost more then 2,000 jobs due to the storm.
A Boeing spokesman told the WSJM that the US military had been able to keep some employees on the ground and that there were no fatalities.
Boeing’s CEO, Dennis Muilenburg, said that he had received the news of the layoffs earlier in the week and that he would have no comment until Boeing had a more complete report.