This will be an absolute boon to Temp Staffing firms.
Businesses will no longer hire anyone full-time. They will hire them all as hourly temps whom they can let go on a day’s notice. Only the ones that have really proven their value will be considered for full-time employment.
This is the way it is done in Europe, since it is nigh impossible to fire anybody once they are on your payroll.
Actually, a lot of business are using temps only - forever. The trial lawyers make it too hard to fire anyone, so making people permanent isn't worth it.