Bain & Company sees American companies "retooling for the new normal" by ploughing $5trn-10trn over the next decade into automation. This may kill old-fashioned jobs in the short term, but create new, tech-savvy ones over time.

The jobs picture is likely to get worse before it gets better. The pandemic is the proximate cause, but the deeper driver is bosses preparing for a new economy. "This is your moment to strike as chief executive if you want a dramatic change in market share," says Hernan Saenz of Bain. "Recessions are an amazing opportunity."