Post by Deleted on Apr 17, 2020 9:48:33 GMT -5
US job losses mount as Trump presses plan to reopen business
WASHINGTON (AP) — The ranks of America’s unemployed swelled toward Great Depression-era levels Thursday, and President Donald Trump reacted to the pressure on the economy by outlining a phased approach to reopening parts of the country where the coronavirus is being brought under control.
Trump told the nation’s governors that restrictions could be eased to allow businesses to reopen over the next several weeks in places that have extensive testing and a marked decrease in COVID-19 cases.
“We are not opening all at once, but one careful step at a time,” Trump said, adding that his new guidelines give governors the freedom to act as they see fit.
His comments marked an abrupt change after a week in which he clashed with governors over his claim that he had “total” authority over how and when the country reopens.
Both Democratic and Republican governors welcomed the moderate White House approach, which calls for a gradual, three-phase reopening of businesses and schools.
In phase one, for example, theaters, sporting venues and churches would open “under strict physical distancing protocols,” but bars would remain closed.
Trump said reopening could be imminent in some places, and he has remarked that data suggests coronavirus cases have peaked in the U.S. Scientists have said it’s not clear that is the case, and they warned states to proceed with caution to prevent the virus from storming back.
The president unveiled his reopening plan the same day the government reported 5.2 million more Americans applied for unemployment benefits last week, bringing the four-week total to 22 million — easily the worst stretch of U.S. job losses on record. The losses translate to about 1 in 7 American workers.
While many Americans have chafed at the damage to their livelihoods, business leaders and governors have warned that more testing and protective gear are needed before they can start lifting the lockdowns and other restrictions.
“My No. 1 focus is to keep my family safe, so I’m really not in a hurry to put an end to this,” said Denise Stockwell, who is about to lose her job in marketing at Cornell University in Ithaca, New York.
But conservative economist Steven Moore, a Trump ally, said there will be 30 million people out of work in the country if the economy doesn’t open back up soon. “And that is a catastrophic outcome for our country. Period,” he said.
In China, official data released Friday showed GDP shrank 6.8% from a year ago in the quarter ending in March, its worst contraction since market-style economic reforms began in 1979. Consumer spending and manufacturing activity remain weak despite factories and offices reopening starting last month, suggesting recovery may be longer and harder than initially expected.
Some forecasters earlier said China might rebound as early as this month, but they have been cutting growth forecasts and pushing back recovery timelines as negative trade, retail sales and other data pile up.
Worldwide, the outbreak has infected more than 2.1 million people and killed more than 140,000, according to a tally by Johns Hopkins University, though the true numbers are believed to be much higher. The death toll in the U.S. reached about 31,000, with around 650,000 confirmed infections.
apnews.com/1c0c92ce66ddba8dd88a4c66d83506be?utm_source=piano&utm_medium=email&utm_campaign=morningwire&pnespid=i.Vzp6IFAwCNq3wLDH63ZJzoB284izJWYv2G7Hot
Truly amazing. We will be very lucky is we don't drop into another Depression. If businesses belly up its over.
WASHINGTON (AP) — The ranks of America’s unemployed swelled toward Great Depression-era levels Thursday, and President Donald Trump reacted to the pressure on the economy by outlining a phased approach to reopening parts of the country where the coronavirus is being brought under control.
Trump told the nation’s governors that restrictions could be eased to allow businesses to reopen over the next several weeks in places that have extensive testing and a marked decrease in COVID-19 cases.
“We are not opening all at once, but one careful step at a time,” Trump said, adding that his new guidelines give governors the freedom to act as they see fit.
His comments marked an abrupt change after a week in which he clashed with governors over his claim that he had “total” authority over how and when the country reopens.
Both Democratic and Republican governors welcomed the moderate White House approach, which calls for a gradual, three-phase reopening of businesses and schools.
In phase one, for example, theaters, sporting venues and churches would open “under strict physical distancing protocols,” but bars would remain closed.
Trump said reopening could be imminent in some places, and he has remarked that data suggests coronavirus cases have peaked in the U.S. Scientists have said it’s not clear that is the case, and they warned states to proceed with caution to prevent the virus from storming back.
The president unveiled his reopening plan the same day the government reported 5.2 million more Americans applied for unemployment benefits last week, bringing the four-week total to 22 million — easily the worst stretch of U.S. job losses on record. The losses translate to about 1 in 7 American workers.
While many Americans have chafed at the damage to their livelihoods, business leaders and governors have warned that more testing and protective gear are needed before they can start lifting the lockdowns and other restrictions.
“My No. 1 focus is to keep my family safe, so I’m really not in a hurry to put an end to this,” said Denise Stockwell, who is about to lose her job in marketing at Cornell University in Ithaca, New York.
But conservative economist Steven Moore, a Trump ally, said there will be 30 million people out of work in the country if the economy doesn’t open back up soon. “And that is a catastrophic outcome for our country. Period,” he said.
In China, official data released Friday showed GDP shrank 6.8% from a year ago in the quarter ending in March, its worst contraction since market-style economic reforms began in 1979. Consumer spending and manufacturing activity remain weak despite factories and offices reopening starting last month, suggesting recovery may be longer and harder than initially expected.
Some forecasters earlier said China might rebound as early as this month, but they have been cutting growth forecasts and pushing back recovery timelines as negative trade, retail sales and other data pile up.
Worldwide, the outbreak has infected more than 2.1 million people and killed more than 140,000, according to a tally by Johns Hopkins University, though the true numbers are believed to be much higher. The death toll in the U.S. reached about 31,000, with around 650,000 confirmed infections.
apnews.com/1c0c92ce66ddba8dd88a4c66d83506be?utm_source=piano&utm_medium=email&utm_campaign=morningwire&pnespid=i.Vzp6IFAwCNq3wLDH63ZJzoB284izJWYv2G7Hot
Truly amazing. We will be very lucky is we don't drop into another Depression. If businesses belly up its over.