Economy
Related: About this forumUS economy may be stalling out as viral outbreak worsens
WASHINGTON (AP) The U.S. economy is stumbling as the viral outbreak intensifies, threatening to slow hiring and deepening the uncertainty for employees, consumers and companies across the country.
Coronavirus case counts are rising in 38 states, and the nation as a whole has been shattering single-day records for new confirmed cases. In six states representing one-third of the economy Arizona, California, Colorado, Florida, Michigan, and Texas governors are reversing their reopening plans. Reopening efforts are on pause in 15 other states.
The reversals are keeping layoffs elevated and threatening to weaken hiring. More than 1.3 million people applied for unemployment benefits last week, the Labor Department said Thursday, down from 1.4 million the previous week but still roughly double the pre-pandemic weekly record. Applications had fallen steadily in April and May but have barely declined in the past month.
Jobless claims are stalled out at a new normal of over a million new claims every week, said Daniel Zhao, an economist at Glassdoor. The virus is in the drivers seat and were along for the ride until the current public health crisis is resolved.
Read more: https://delawarestatenews.net/nation/us-economy-may-be-stalling-out-as-viral-outbreak-worsens/
sprinkleeninow
(20,237 posts)Sherman A1
(38,958 posts)By 4th quarter we will be seeing a definitive trend.
Moostache
(9,895 posts)This economy - service-based, inequitable and rife with the vestiges of racism and echoes of slavery - is unraveling at a rate that no one dares to report on accurately for fear of starting the panic that is just over the horizon.
We have no effective government at the federal level, 50 different and wildly disparate state leaders ranging from competent and compassionate to stupid and insane. There literally is no plan. They are not having a momentary lapse of reason, they are devoid of ideas and action plans and even the will to act in any way.
Its bad now, but its about to get so much worse. How much? What the hell is going to happen when a hurricane hits Texas or Florida or the Gulf states later this year? How does this country react to children being used as pawns and pandemic super spreaders to salve the ego of a moron?
This is all so preventable and avoidable and now inevitable. I need to go, I'm about to start drinking alone at 3AM...and THAT won't be of any use to anyone...
Sherman A1
(38,958 posts)Series of events. Certainly the issue with school children will arrive sooner, but the greater meltdown is still a bit further into the future.
Auggie
(31,163 posts)DSandra
(999 posts)Yes it was damn painful but they are at the other side now. There is hope for their economies, if we don't get our act together then this country will have economic devastation worse than the Great Depression.
Bernardo de La Paz
(48,996 posts)progree
(10,901 posts)Just a couple of examples:
Credit card data from both Bank of America and J.P.Morgan Chase show that spending has slipped in the past two weeks, even in states that dont have sharp outbreaks.
This suggests that renewed fears about the virus, rather than government restrictions, are driving the pullback in activity, said Andrew Hunter, senior U.S. economist at Capital Economics, a forecasting firm.
Among retailers, the number of shifts worked changed little last week after steady increases in previous weeks, according to data from Kronos, which makes scheduling software. David Gilbertson, a vice president at Kronos, said this indicates that consumer demand in many cases hasnt picked up enough to justify more employees.
Everything thats going to be open is open, Gilbertson said. Now, we just need more people to come in and start spending money before things can pick up again.
TexasTowelie
(112,125 posts)It doesn't help that the paragraphs aren't indented.