Global sales of household cleaning products and disinfectants have skyrocketed since the start of the coronavirus pandemic. As a result, supplies of some products have become increasingly strained as even the biggest brands struggle to keep up with demand. For example, Clorox CEO Benno Dorer said that the company will not be able to fully stock grocery store shelves with disinfectant wipes until at least 2021.
Clorox has also been running low on many of its most popular items, Continue reading
From April to June 2020, the U.S. GDP plummeted at an annual rate of 32.9 percent, the worst drop on record. As businesses closed across the country due to the pandemic, the U.S. fell into a recession that wiped out the economic gains of the last five years in just a few months. This data released last week by the Commerce Department “just highlights how deep and dark the hole is that the economy cratered into in Q2,” said economist Continue reading
According to data from Yelp, more than 55 percent of the 132,500 businesses listed on the site that closed during the pandemic will remain shuttered permanently. Although government relief bought some companies time, businesses that are now closed will likely remain that way for the long term. Restaurants account for the greatest share of permanent and temporary closures, followed closely by retailers and then beauty salons and spas.
“Businesses are needing to decide, ‘Do I renew my lease on Continue reading
Last Friday, a federal moratorium on evictions for tenants in government-assisted housing expired. With eviction moratoriums in many states also at an end, experts fear that millions of Americans could be kicked out of their homes in the coming months. According to one estimate, as many as 40 million people could be evicted during the pandemic. “It’s like nothing we’ve ever seen,” said John Pollock of the National Coalition for a Civil Right to Counsel.
Mass unemployment as a result Continue reading
Nearly four months into the pandemic, millions of Americans are struggling to remain employed. Last week more than 1.5 million people filed for unemployment benefits for the first time, an increase of almost 109,000 from the previous week. The total number of unemployment claims stood at 17.3 million for the week ending in July 4th, with many people also collecting expanded benefits that could soon expire.
“What we’re seeing is continued, historic elevated rates of job loss in the Continue reading
Last month, we looked at AMC Theatres’ plans to reopen on July 15th with expanded safety measures. But after major studios delayed the release of upcoming blockbusters like Tenet and Mulan, the chain pushed back its reopening plans to July 30th. Still, even this goal could be optimistic as cases of coronavirus continue to rise across the country. “Twenty days ago, I would’ve said we’re on track,” said David Gross, head of the film consultancy company Franchise Entertainment Research. Continue reading
Over the last few weeks, restaurants and retailers across the country have gradually reopened with limited capacity, plexiglass barriers, and other anti-Covid restrictions. According to a recent study of the review site Yelp, however, approximately 140,000 listed businesses that closed in March remained shut down in June. What’s more, 41 percent of those companies have closed for good. Retailers accounted for the highest number of closures at 27,000. Coronavirus lockdown measures also majorly hurt restaurants, with 53 percent of closed Continue reading
During the first six months of 2020, U.S. stock markets went through their biggest quarter-to-quarter swing in more than 80 years. March saw share prices plummet as businesses across the country closed or altered their hours. Then an unprecedented round of economic stimulus from the federal government both halted the sell-off and sent stocks soaring to their best quarterly performance in nearly two decades.
With much of that relief now set to expire, however, where the markets go next Continue reading
According to experts, the coronavirus pandemic has deepened economic inequality and expanded the racial wealth gap across the U.S. While the unemployment rate for white workers sits at 12.4 percent, the rate among black and Hispanic workers has gone up to 16.8% and 17.6% respectively. But while many poor Americans struggle to make ends meet, the wealth of the nation’s 614 billionaires has increased by $584 billion.
These top-end earners make most of their money on the stock market, which Continue reading