Macy's to furlough nearly 130,000 employees as virus keeps stores shut

Macy's will furlough the majority of its 130,000 employees starting this week, as all its stores remain dark amid the coronavirus pandemic.

The department store made the announcement Monday, adding that it's suffered significant sales losses - even as it remains open online.

Macy's announcement comes amid a wave of layoffs at restaurants, bars, hotels, airlines and other retailers, as strict measures to contain the coronavirus outbreak has brought the economy to a sudden halt.

And according to a Federal Reserve Estimate, the worst is yet to come.

Economists at the Fed in St. Louis estimate that a staggering, 47 million workers could soon be out of a job, leading to an unemployment rate of 32%.