Today’s Numbers: The COVID Economy
As of 10:00 a.m. Eastern time, July 10, 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: 867 (falling)
U.S. COVID-19 new cases yesterday: 58,836 (falling)
Daily new tests reported, U.S.: 637,300 (rising)
COVID patients now in hospital: 43,895 (rising)
Renters who hadn’t paid some or all of their July rent bill by one week after it was due: 32%
Renters who still hadn’t paid some or all of their June rent by the first week of July: 11%
Homeowners “extremely” or “very” concerned about foreclosure in July: 17%
Metro area jobless rates
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
What’s the latest on the extra COVID-19 unemployment benefits?
As of now, those $600-a-week payments will stop at the end of July. For many, unemployment payments have been a lifeline, but one that is about to end, if nothing changes. The debate over whether or not to extend these benefits continues among lawmakers.
With a spike in the number of COVID-19 cases, are restaurants and bars shutting back down?
The latest jobs report shows that 4.8 million Americans went back to work in June. More than 30% of those job gains were from bars and restaurants. But those industries are in trouble again. For example, because of the steep rise in COVID-19 cases in Texas, Gov. Greg Abbott, a Republican, increased restrictions on restaurant capacities and closed bars. It’s created a logistical nightmare.
Which businesses got Paycheck Protection Program loans?
The numbers are in — well, at least in part. The federal government has released the names of companies that received loans of $150,000 or more through the Paycheck Protection Program.
Some of the companies people are surprised got loans include Kanye West’s fashion line, Yeezy, TGI Fridays and P.F. Chang’s. The companies you might not recognize, particularly some smaller businesses, were able to hire back staff or partially reopen thanks to the loans.
You can find answers to more questions on unemployment benefits and COVID-19 here.
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