Pandemic fallout begins to hit Iowa newsrooms
Corridor Business Journal: Lee Enterprises, the parent company of 10 Iowa newspapers, will furlough employees or reduce compensation as it struggles to cut costs in response to a COVID-19-related drop in advertising revenue. The company told employees Tuesday they had a choice between a two-week furlough or an equivalent 4% pay cut, the Quad-City Times reports, while executives will take a 20% cut. The announcement comes one day after Gannett, the owner of the Des Moines Register and the Iowa City Press-Citizen, said it was also planning across-the-board furloughs and pay cuts , including a 25% reduction for its executive team.
Private payrolls post first decline in 2 1/2 years
Reuters: U.S. private payrolls dropped in March for the first time in 2 1/2 years, likely as businesses shut down in compliance with strict measures to contain the coronavirus epidemic, supporting economists’ views that the longest employment boom in history probably ended last month.
– Factory activity contracts in March; orders tumble to 11-year low (Reuters)