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‘Next week will be a major hurricane,’ as more people will be laid off: Economist

Yahoo Finance Video March 19, 2020

Daniel Zhao, Glassdoor Senior Economist, joins joins Yahoo Finance’s Alexis Christoforous, Brian Sozzi and Sibile Marcellus to discuss the impact the coronavirus outbreak has had on the job market as more people are being laid off amid the coronavirus outbreak.


Jobless claims jump by 70,000 as virus starts to take hold

March 19, 2020

WASHINGTON — The number of Americans filing new claims for unemployment benefits surged last week by 70,000 to the highest level in more than two years, indicating that the effect of the coronavirus was starting to be felt in rising layoffs in the job market.

The Labor Department reported Thursday that applications for benefits, a good proxy for layoffs, rose by 70,000 to a seasonally adjusted 281,000 benefit applications last week. That was the highest weekly total since Sept. 2, 2017, following Hurricane Harvey.

Both the one-week rise and the total number of applications were far above the levels seen over the past year as the country’s unemployment rate fell to a half-century low of 3.5%.

Economists are predicting a surge in layoffs as efforts to contain the spreading coronavirus result in people losing jobs in a variety of industries from restaurants and bars to airlines and hotels.

 
Trump reverts to media-bashing and blame-casting in latest press conference

As reporters questioned the federal response to the outbreak, he complained, ‘We were very prepared. The media has not treated it fairly’

David Smith in Washington
Thu 19 Mar 2020 21.46 GMT

 
Trump's complete failure of imagination is costing America lives and treasure

Opinion by Alice Hill
Updated 8:55 PM EDT, Thu March 19, 2020

 
Doctor refutes Trump claim on efficacy of malaria drug to treat coronavirus

President Donald Trump told Americans that a malaria drug would be made ''available almost immediately'' to treat COVID-19. But his top infectious disease expert said there was no evidence the medicine would help.

Date 21.03.2020

As a growing number of US states impose lockdown orders to prevent the spread of coronavirus, President Donald Trump suggested on Friday that a malaria drug might help prevent COVID-19.

But the president's assumption was instantly rebuked by the government's top infectious disease expert, Dr. Anthony Fauci, in a rare televised spar between the two.

The exchange took place during Trump's daily briefing on the coronavirus crisis. It comes at a time when he has been criticized for his handling of the epidemic and as congress works to deliver a relief package to those suffering under the economic consequences of the outbreak.

Fauci, the director of the National Institute of Allergy and Infectious Diseases at the National Institute of Health, has worked in the field for 30 years and handled the HIV, SARS, MERS, Ebola and now the new coronavirus epidemics.

He has gained notoriety as the leading government scientist on the issue and his public pronouncements have been a counterweight to Trump's more upbeat attitude to the crisis.

 
Doctor refutes Trump claim on efficacy of malaria drug to treat coronavirus

President Donald Trump told Americans that a malaria drug would be made ''available almost immediately'' to treat COVID-19. But his top infectious disease expert said there was no evidence the medicine would help.

Date 21.03.2020

As a growing number of US states impose lockdown orders to prevent the spread of coronavirus, President Donald Trump suggested on Friday that a malaria drug might help prevent COVID-19.

But the president's assumption was instantly rebuked by the government's top infectious disease expert, Dr. Anthony Fauci, in a rare televised spar between the two.

The exchange took place during Trump's daily briefing on the coronavirus crisis. It comes at a time when he has been criticized for his handling of the epidemic and as congress works to deliver a relief package to those suffering under the economic consequences of the outbreak.

Fauci, the director of the National Institute of Allergy and Infectious Diseases at the National Institute of Health, has worked in the field for 30 years and handled the HIV, SARS, MERS, Ebola and now the new coronavirus epidemics.

He has gained notoriety as the leading government scientist on the issue and his public pronouncements have been a counterweight to Trump's more upbeat attitude to the crisis.


Best to do is ignore input from Donald Trump. He doesn't read the reports or listens to conversations. Just get him to sign blank paper and fill them in later.
 
'I'd love to have it open by Easter': Trump says he wants to restart economy by mid-April

Despite health experts’ warnings, the president has signaled his eagerness to end to the strict preventative measures his administration imposed last week.

From link.

Top Trump administration officials on Tuesday signaled that they were already laying the groundwork to reopen the U.S. economy amid the coronavirus pandemic — a task that President Donald Trump revealed he would like to accomplish by mid-April.

“I’d love to have it open by Easter, OK? I would love to have it open by Easter. I will tell you that right now,” Trump said from the White House Rose Garden, where he and members of the administration’s coronavirus task force participated in a virtual town hall on Fox News.

“It’s such an important day for other reasons, but I’ll make it an important day for this, too,” he added. “I would love to have the country opened up and just raring to go by Easter.”

Trump’s comments came hours after Vice President Mike Pence told conservative leaders on a private call that White House aides were discussing ways to encourage businesses to reopen and healthy Americans to return to work at the end of the current 15-day period, during which administration officials have asked Americans to avoid social gatherings with more than 10 people and stay home as much as possible.

The changing message could set Trump on a collision course with health experts inside his administration, who have warned that returning to business as usual could create worse conditions by accelerating the spread of the virus and are still searching for answers about the severity of the virus and whether those who recover from it become immune. Senior administration officials, including Jared Kushner and Ivanka Trump, have shared concerns about the urgency of reopening the economy after hearing from a number of industry executives in recent days, while officials from the Centers for Disease Control and Prevention and some Republican lawmakers have advised the president to keep his focus on containing the virus — something that becomes more difficult to do if Americans return to work, they say.

Pence said on Tuesday that the president had no plans to overrule social-distancing guidance that state and local officials have issued to their residents, but that he was interested in softening federal guidance in order to recharge the economy, according to five participants on the call.
“The vice president was clear in this call they’re not going to undermine governors and the decisions they are making, but he said the president wants to get the country back to work,” said Jenny Beth Martin, co-founder of the Tea Party Patriots and one of more than two dozen conservative leaders who spoke with Pence on Tuesday morning.

Trump’s eagerness to bring an end to strict preventative measures he imposed last Monday bubbled up over the weekend as he consulted with outside allies and top economic aides, many of whom warned him that the unemployment rate could reach 30 percent in the second quarter of 2020 if businesses remain shuttered. Guidelines from the Center for Disease Control, as well as more severe directives from state and local authorities, have already thrust the U.S. economy into a severe recession as Americans remain largely confined to their homes and both large corporations and small businesses shed employees.

“THE CURE CANNOT BE WORSE (by far) THAN THE PROBLEM!” Trump tweeted prior to his appearance on Fox News, echoing a view that has gained traction among White House allies.

Some conservative leaders, for instance, warned Pence on Wednesday that prolonged business closures and layoffs could do more to damage the health of American workers and business owners than the virus itself.

“There’s stress, there’s anxiety. People can wind up having a heart attack, committing suicide, turning to drug use. There are a lot of unintended consequences when people move into economic distress,” Martin said, noting that she and others voiced these concerns during their conversation with the vice president.

So far, the administration has declined to specify what guidance, if any, the federal government might issue or roll back to bridge the 13-day gap between the end of the administration's "15 Days to Slow the Spread" initiative, which wraps up at the end of the weekend, and Easter, which falls on April 12.

“There weren’t specifics,” Kristan Hawkins, head of the anti-abortion group Students for Life, said of the conference call with Pence, adding that she was concerned about the infection rate of Covid-19 — the disease caused by the virus — and the potential risks of lifting social-distancing guidelines prematurely.

“I’m not going to even feel personally comfortable lifting my own self-quarantine until we start seeing more data and some of these experimental treatments are proven to be effective,” Hawkins said. “I think there are going to people like me who, for a long time, are going to be wary of being in crowds — of being on airplanes.”


Birx instead emphasized the importance of employing “21st century solutions“ and collecting data at the “most granular level“ to better understand the rampant spread of Covid-19.

“That‘s what the president has asked us to put together: to use these two weeks to get all the data from around the country and all the data from around the globe and really understand what‘s working,“ she said, adding that “every American needs to continue the president‘s guidelines for these next six days or seven days. We have to have them following those guidelines.“

Trump‘s new push to promptly wind down social distancing breaks with the advice of public health experts who have been urging greater governmental action, not less, in the race to “flatten the curve“ of cases and prevent communities from confronting the kind of crisis unfolding in New York — the current epicenter of the outbreak in the U.S.

Without tested treatments or a newly developed vaccine, limited person-to-person contact remains the best recipe for slowing the coronavirus‘ spread, even if it won‘t halt the disease‘s transmission entirely. Several health officials have predicted that the need for social distancing could last until late spring, not just another two or three weeks.

But the Easter cutoff does offer the administration some extra time to intensify mitigation efforts and plan for whatever steps Trump decides to take next. It is also possible that as the outbreak worsens, the president‘s own relatively rosy assessment of the likely cost to American lives will grow more grim.

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From link.
 

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