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Zombie Companies Employ 2.2 Million People in the US

Zombie Companies Employ 2.2 Million People in the US

The term “zombie” companies has been floating around for years and it now applies to the heavily indebted US companies that are a result of the coronavirus event. The companies occupy a large swarth of American industry from large global firms to small restaurant chains who have suffered from the coronavirus pandemic. These companies are running without revenue to pay off their debt – hence the term zombie. These firms employ over 230,000 in the industrial and conglomerate world and thousands more in the insurance business. In Hotel and Leisure they employ 153,000 workers. And in hardware and storage they employ 193,000 workers – all adding to a large swarth of the US work force. US companies have taken on a load of corporate debt in the past 2 months and this taken the form of the Fed buying some ETFs and the US government supporting the corporate bond market. Zombie companies existed in Japan since the economy collapsed in the 1990s, and it took them years to return to normal. The term zombie company was started in Japan in the early 2000s.

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