Jobs Figures Show the Breadth of the Economic Ruin
The data underscore the impact on every corner of the economy: hotels and restaurants, retailers, manufacturers and white-collar strongholds.
Even as political leaders wrangle over how and when to restart the American economy, the coronavirus pandemic’s devastation became more evident Thursday with more than 5.2 million workers added to the tally of the unemployed.
In the last four weeks, the number of unemployment claims has reached 22 million — roughly the net number of jobs created in a nine-and-a-half-year stretch that began after the last recession and ended with the pandemic’s arrival.
The latest figure from the Labor Department, reflecting last week’s initial claims, underscores how the downdraft has spread to every corner of the economy. The mounting unemployment numbers seem certain to add to pressure to lift some restrictions on business activity. President Trump on Thursday announced new guidelines for states eager to reopen, but many governors and health experts are more cautious.
If quarterly unemployment hits 30 percent — as the president of one Federal Reserve Bank predicted — 15.4 percent of Americans will fall into poverty for the year, researchers found, even in the unlikely event that the economy immediately recovers. That level of poverty would exceed the peak of the Great Recession and add nearly 10 million people to the ranks of the poor.
Trump says governors can reopen sooner than May 1.
Trump told the nation’s governors on Thursday that they could begin reopening businesses, restaurants and other elements of daily life by May 1 or earlier if they wanted, abandoning his threat to use what he had claimed was his absolute authority to impose his will on them.
On a day when the nation’s death toll from the coronavirus increased by more than 2,000 for a total over 30,000, the president released a set of nonbinding guidelines that envisioned a slow return to work and school over weeks or months. Based on each state’s conditions, the guidelines in effect guarantee that any restoration of American society will take place on a patchwork basis rather than on a one-size-fits-all prescription from Washington that some of the governors had feared in recent days.
Protesters in MAGA hats and flying Confederate flags swarm Michigan, North Carolina, Ohio, Utah, Wyoming and Virginia to demonstrate 'tyrannical' and 'unconstitutional' lockdown orders that are 'worse than the virus'
Protesters have continued to gather across the United States, ignoring social distancing rules to demonstrate against lockdown orders they call 'tyrannical' and 'worse than the virus'. Thousands of protesters drove to Michigan's State Capitol to protest Democratic Gov Whitmer Wednesday. In Utah protesters held signs that read 'Resist like it's 1776' and 'America will never be a socialist country'. And in Kentucky protesters shouted out as Democratic Governor Andy Beshear spoke to the state. A Reopen North Carolina Facebook page has 42,000 members; a protester was arrested there Wednesday. And a startling image from Ohio shows a baying crowd at the window of the Statehouse Atrium on Monday. In Virginia a protest against Democratic Gov. Ralph Northam's lockdown is scheduled for Thursday. In Wyoming protesters led calls to 'defend liberty' and urged Gov. Mark Gordon to not 'flatten the economy'.
Early research suggests that obesity is a big risk factor, but not asthma.
Early research on underlying health conditions associated with the virus has highlighted that obesity appears to be one of the most important predictors of severe cases of the coronavirus illness, but asthma does not.
New studies point to obesity as the most significant risk factor, after only older age, for patients being hospitalized with Covid-19, the illness caused by the virus. Some 42 percent of American adults — nearly 80 million people — live with obesity. Young adults with obesity appear to be at particular risk, studies show.
The research is preliminary, and not peer reviewed, but it buttresses anecdotal reports from doctors who say they have been struck by how many seriously ill younger patients of theirs with obesity are otherwise healthy.
For people with asthma, the outbreak of a disease that can lead to respiratory failure was particularly worrisome. Many health organizations have cautioned that asthmatics are most likely at higher risk for severe illness if they get the virus.
But data released this month by New York State shows that only about 5 percent of Covid-19 deaths in New York were of people who were known to also have asthma, a relatively modest amount. Nearly 8 percent of the U.S. population — close to 25 million people — has asthma, according to the Centers for Disease Control and Prevention.
Death tolls are growing at nursing homes in New York, New Jersey and Virginia.
The virus has been sweeping through nursing homes across the country and claiming the lives of thousands of residents who are particularly vulnerable — older people, many with underlying health issues, who are living in close quarters, as well as the people who care for them.
In New York and New Jersey, funeral directors have been unable to keep up with the death toll at one nursing home after another. In New York City, the administrator for a home in Queens said that 29 residents have died, but other workers said the toll was considerably higher. In a small New Jersey township, the police on Monday found 17 dead bodies inside a nursing home morgue designed to hold four people. This brought the death toll at the long-term care facility to 68, including 26 people who tested positive.
The $349 billion lending program for small businesses has run out of funds.
A federal loan program intended to help small businesses keep workers on their payrolls has proved woefully insufficient, with a staggering 22 million Americans filing for unemployment in the last four weeks.
The program, called the Paycheck Protection Program, was in limbo as the Small Business Administration said on Thursday that it had run out of money. Millions of businesses were unable to apply for the loans while Congress struggled to reach a deal to replenish the funds.
Congress initially allocated $349 billion for the program, which was intended to provide loans to businesses with 500 or fewer employees. The money went quickly, with more than 1.4 million loans approved as of Wednesday evening.
China’s economy shrinks, ending nearly half a century of continuous growth.
Chinese officials on Friday said the world’s second-largest economy had shrunk in the first three months of the year, ending a streak of untrammeled growth that survived the Tiananmen Square crackdown, the SARS epidemic and even the global financial crisis.
The data reflects China’s dramatic efforts to stamp out the coronavirus, which included shutting down most factories and offices in January and February as the outbreak sickened tens of thousands of people.
The stark numbers make clear how monumental the challenge of getting the global economy back on its feet will be, and may help to explain why world leaders — including President Trump — are so eager to restart their own economies. Since it emerged from abject poverty and isolation more than 40 years ago, China has become perhaps the world’s most important growth engine.
Now China is trying to restart its $14 trillion economy, an effort that could give the rest of the world a much-needed shot in the arm. The coronavirus’s spread to the United States and Europe, which froze the economies there, has led to forecasts that the world’s output could shrink far more this year than it did even during the financial crisis.