Today’s Numbers: The COVID Economy
As of 10:00 a.m. Eastern time, July 2, 2020 (we’ll update every weekday morning).
“The leading economic indicator is … the virus.” More than one analyst has put it to us this way. As we try to understand and quantify this unprecedented global economic collapse — and now the attempted restart — we’re following key metrics for COVID-19 and the broader economy.
Welcome to Marketplace’s daily, at-a-glance update.
U.S. COVID-19 deaths reported yesterday: 701 (rising)
U.S. COVID-19 new cases yesterday: 52,982 (record high)
Daily new tests reported, U.S.: 621,114 (falling)
U.S. exports, May: -4.4% below April
Jobs added by U.S. employers in June: 4.8 million
Net deficit in U.S. jobs since pandemic hit: 14.7 million (9.6% below February)
New unemployment claims, week ending June 27: 1.42 million (15th week over 1 million)
New claims for federal Pandemic Unemployment Assistance: 840,000
Jobs for meat packers, slaughterers, fish cutters and trimmers, May 2019
Keep in mind: The tally of COVID-19 cases represents only the ones that are documented.
Our main trusty sources: World Health Organization, Centers for Disease Control and Prevention, Johns Hopkins University, Our World in Data (based on WHO data, Covid Tracking (scientist/journalist collaboration), GasBuddy.
COVID-19 Economy FAQs
Will the federal government extend the extra COVID-19 unemployment benefits?
It’s still unclear. Congress and President Donald Trump are deciding whether to extend the extra $600 a week in unemployment benefits workers are getting because of the pandemic. Labor Secretary Eugene Scalia believes the program should not be extended, and White House economic adviser Larry Kudlow said the additional money is disincentivizing some workers from returning to their jobs. Democrats want to keep providing the money until January.
As states lift restrictions, are people going back to stores and restaurants?
States have relaxed their restrictions, and many of us have relaxed, too. Some people have started to make exceptions for visiting restaurants, if only for outdoor dining. Some are only going to places they trust are being extra cautious. But no one we’ve talked to has really gone back to normal. People just aren’t quite there yet.
Will surges in COVID-19 cases mean a return to lockdowns?
In many areas where businesses are reopening, cases of COVID-19 are trending upwards, causing some to ask if the lockdowns were lifted too soon, and if residents and businesses might have to go through it all again. So, how likely is another lockdown, of some sort? The answer depends on who you ask. Many local officials are now bullish about keeping businesses open to salvage their economies. Health experts, though, are concerned.
You can find answers to more questions here.
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