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Stocks Rise, With Tech Index Now Up for 2020 Stocks Rise, With Tech Index Now Up for 2020
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This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.This briefing is no longer updating. Read the latest developments in the coronavirus outbreak here.
A government program offering low-interest loans and tiny grants to small companies harmed by the pandemic has stopped taking nearly all new applications because its funding is exhausted.A government program offering low-interest loans and tiny grants to small companies harmed by the pandemic has stopped taking nearly all new applications because its funding is exhausted.
Like the better-known Paycheck Protection Program, which is aimed at keeping workers employed, the Small Business Administration’s Economic Injury Disaster Loan has been chaotic, with frequently changing terms and little communication to potential borrowers about the status of their applications. Hundreds of applicants who applied more than a month ago said they were still waiting for a response.Like the better-known Paycheck Protection Program, which is aimed at keeping workers employed, the Small Business Administration’s Economic Injury Disaster Loan has been chaotic, with frequently changing terms and little communication to potential borrowers about the status of their applications. Hundreds of applicants who applied more than a month ago said they were still waiting for a response.
The S.B.A. has not disclosed how many applications the program received or how many loans have been approved. The program was supposed to fund loans of up to $2 million and grants of up to $10,000, but many applicants who were offered loans said they were told that their loans would be capped at a lower amount because of funding shortages.The S.B.A. has not disclosed how many applications the program received or how many loans have been approved. The program was supposed to fund loans of up to $2 million and grants of up to $10,000, but many applicants who were offered loans said they were told that their loans would be capped at a lower amount because of funding shortages.
Tamar Lowell, the chief executive of Access Culinary Trips, a culinary tour company based near Seattle, applied for a disaster loan in mid-March. She sought $860,000, based on her company’s documented operating expenses — but in early April, she got a loan offer for just $15,000. When she asked an agency official how to appeal, the S.B.A. withdrew the offer. A few days later, she received a new offer for $144,500. Badly in need of the cash, she accepted.Tamar Lowell, the chief executive of Access Culinary Trips, a culinary tour company based near Seattle, applied for a disaster loan in mid-March. She sought $860,000, based on her company’s documented operating expenses — but in early April, she got a loan offer for just $15,000. When she asked an agency official how to appeal, the S.B.A. withdrew the offer. A few days later, she received a new offer for $144,500. Badly in need of the cash, she accepted.
“In this environment, if you don’t take the money, you may not get a second chance,” Ms. Lowell said.“In this environment, if you don’t take the money, you may not get a second chance,” Ms. Lowell said.
Stocks rose on Thursday with Wall Street’s technology-heavy benchmark, the Nasdaq composite, closing in positive territory for the year.Stocks rose on Thursday with Wall Street’s technology-heavy benchmark, the Nasdaq composite, closing in positive territory for the year.
Tech stocks have been rallying on the view that giant companies like Amazon, Apple, and Microsoft will emerge from the coronavirus pandemic with even more power than they had before it began. They’re sitting on mountains of cash that will help protect them from the economic downturn, and the nature of the lockdowns — with workers at home and consumers dependent on e-commerce — plays directly to their strengths.Tech stocks have been rallying on the view that giant companies like Amazon, Apple, and Microsoft will emerge from the coronavirus pandemic with even more power than they had before it began. They’re sitting on mountains of cash that will help protect them from the economic downturn, and the nature of the lockdowns — with workers at home and consumers dependent on e-commerce — plays directly to their strengths.
Though the biggest companies have outsize influence over the market, it isn’t just the giants that are seen as benefiting from the pandemic. The Nasdaq also includes companies like the conference app maker Zoom, home fitness company Peloton Interactive, and Netflix, all of which have rallied this year as demand for their services skyrocketed.Though the biggest companies have outsize influence over the market, it isn’t just the giants that are seen as benefiting from the pandemic. The Nasdaq also includes companies like the conference app maker Zoom, home fitness company Peloton Interactive, and Netflix, all of which have rallied this year as demand for their services skyrocketed.
The Nasdaq is still well below its highest point of the year, reached in February. The S&P 500 still has to climb more than 10 percent to reach its break-even threshold. Both indexes gained more than 1 percent on Thursday.The Nasdaq is still well below its highest point of the year, reached in February. The S&P 500 still has to climb more than 10 percent to reach its break-even threshold. Both indexes gained more than 1 percent on Thursday.
Those gains came even after the latest report on weekly unemployment filings showed that more than three million workers in the United States claimed benefits last week. Also on Thursday, the Bank of England projected that the British economy would contract 30 percent in the April-June quarter, and 14 percent for the year.Those gains came even after the latest report on weekly unemployment filings showed that more than three million workers in the United States claimed benefits last week. Also on Thursday, the Bank of England projected that the British economy would contract 30 percent in the April-June quarter, and 14 percent for the year.
Investors have been looking past grim economic projections, and the mounting death toll, to bid up stock prices on expectations that the number of coronavirus cases will begin to ebb, and that they can expect more government support for businesses and markets.Investors have been looking past grim economic projections, and the mounting death toll, to bid up stock prices on expectations that the number of coronavirus cases will begin to ebb, and that they can expect more government support for businesses and markets.
A standoff between Amazon and French unions over safety measures for the coronavirus grew tenser on Thursday when the company said it would ask the French highest court to overturn an appeals court decision last week that ordered the e-commerce giant to stop delivering nonessential items in France during the pandemic to protect workers.A standoff between Amazon and French unions over safety measures for the coronavirus grew tenser on Thursday when the company said it would ask the French highest court to overturn an appeals court decision last week that ordered the e-commerce giant to stop delivering nonessential items in France during the pandemic to protect workers.
Amazon will also seek approval on Friday from workers councils, which represent around 10,000 employees, to keep its six mammoth French warehouses shut until May 13, as it consults with them on steps to further enhance safety measures against the virus.Amazon will also seek approval on Friday from workers councils, which represent around 10,000 employees, to keep its six mammoth French warehouses shut until May 13, as it consults with them on steps to further enhance safety measures against the virus.
“We are working hard to resume business as usual for our French customers, our French employees and our French sellers,” Amazon said in a statement.“We are working hard to resume business as usual for our French customers, our French employees and our French sellers,” Amazon said in a statement.
Amazon’s warehouses in France have been shut for nearly a month after a court sided in mid-April with French unions that had sued the company, accusing it of inadequately protecting workers from the threat of the virus and failing to consult with the unions on the measures, as required by law. The court ruled that Amazon must restrict deliveries to only food, hygiene and medical products until it addressed the issue, or face millions of euros in potential fines.Amazon’s warehouses in France have been shut for nearly a month after a court sided in mid-April with French unions that had sued the company, accusing it of inadequately protecting workers from the threat of the virus and failing to consult with the unions on the measures, as required by law. The court ruled that Amazon must restrict deliveries to only food, hygiene and medical products until it addressed the issue, or face millions of euros in potential fines.
Rather than risk the penalty, Amazon put its work force on paid furlough, but it is continuing to deliver items to France from its centers in Belgium, German and Spain. The company lashed out at the unions for bringing the lawsuit, which was upheld by the Versailles Court of Appeals last week. Amazon insists that it has maintained rigorous health safety at its French sites, and has accused unions of seeking to further their own interests amid the health crisis.Rather than risk the penalty, Amazon put its work force on paid furlough, but it is continuing to deliver items to France from its centers in Belgium, German and Spain. The company lashed out at the unions for bringing the lawsuit, which was upheld by the Versailles Court of Appeals last week. Amazon insists that it has maintained rigorous health safety at its French sites, and has accused unions of seeking to further their own interests amid the health crisis.
Uber and Lyft said in earnings reports this week that demand for their ride services had plummeted in the wake of the coronavirus pandemic. Both companies said usage sank as much as 75 percent in late March, when consumers in the United States stopped traveling and began staying at home under shelter-in-place orders.Uber and Lyft said in earnings reports this week that demand for their ride services had plummeted in the wake of the coronavirus pandemic. Both companies said usage sank as much as 75 percent in late March, when consumers in the United States stopped traveling and began staying at home under shelter-in-place orders.
On Thursday, Uber said revenue in the first quarter grew 14 percent compared with the same quarter last year but its losses ballooned 190 percent, largely driven by a $2.1 billion loss caused by its investments in international ride-hailing businesses like Grab and Didi that are also experiencing low demand because of the virus.On Thursday, Uber said revenue in the first quarter grew 14 percent compared with the same quarter last year but its losses ballooned 190 percent, largely driven by a $2.1 billion loss caused by its investments in international ride-hailing businesses like Grab and Didi that are also experiencing low demand because of the virus.
Financial analysts expect some recovery in the current quarter, as riders slowly return to Uber and Lyft, but the impact could continue for years. Daniel Ives, managing director of equity research at Wedbush Securities, estimates that 30 percent of gig economy revenue could disappear over the next one to two years.Financial analysts expect some recovery in the current quarter, as riders slowly return to Uber and Lyft, but the impact could continue for years. Daniel Ives, managing director of equity research at Wedbush Securities, estimates that 30 percent of gig economy revenue could disappear over the next one to two years.
“Based on our analysis of the gig economy and the overall pie of consumers, unfortunately there’s a slice that — until there’s a vaccine — will not get in a ride-sharing vehicle,” Mr. Ives said.“Based on our analysis of the gig economy and the overall pie of consumers, unfortunately there’s a slice that — until there’s a vaccine — will not get in a ride-sharing vehicle,” Mr. Ives said.
Still, investors see some promising signs as Uber and Lyft cut costs, and the companies’ stocks have risen as a result. Both laid off employees while executives took pay cuts. Uber offloaded its unprofitable bike and scooter rental service and shut down food delivery in certain countries where it was burning cash.Still, investors see some promising signs as Uber and Lyft cut costs, and the companies’ stocks have risen as a result. Both laid off employees while executives took pay cuts. Uber offloaded its unprofitable bike and scooter rental service and shut down food delivery in certain countries where it was burning cash.
Neiman Marcus on Thursday became the first major department store group to file for bankruptcy protection during the coronavirus pandemic. It’s a stunning fall that follows the collapse of Barneys New York late last year and comes as shadows gather over chains like Lord & Taylor and J.C. Penney.Neiman Marcus on Thursday became the first major department store group to file for bankruptcy protection during the coronavirus pandemic. It’s a stunning fall that follows the collapse of Barneys New York late last year and comes as shadows gather over chains like Lord & Taylor and J.C. Penney.
At the end of March, the coronavirus crisis temporarily forced the closure of all 43 Neiman Marcus stores, as well as its two Bergdorf Goodman stores and Last Call outlets, all but stopping sales and crushing revenue.At the end of March, the coronavirus crisis temporarily forced the closure of all 43 Neiman Marcus stores, as well as its two Bergdorf Goodman stores and Last Call outlets, all but stopping sales and crushing revenue.
That may have been the immediate cause of Neiman’s filing, but its problems had been building for years. The company took on an untenable amount of debt as part of two leveraged buyouts by private and equity firms, and Neiman’s did not respond quickly enough to changes in shopping habits. Together, those developments left the group in a precarious position even before the virus hit.That may have been the immediate cause of Neiman’s filing, but its problems had been building for years. The company took on an untenable amount of debt as part of two leveraged buyouts by private and equity firms, and Neiman’s did not respond quickly enough to changes in shopping habits. Together, those developments left the group in a precarious position even before the virus hit.
Updated June 30, 2020 Updated July 7, 2020
The coronavirus can stay aloft for hours in tiny droplets in stagnant air, infecting people as they inhale, mounting scientific evidence suggests. This risk is highest in crowded indoor spaces with poor ventilation, and may help explain super-spreading events reported in meatpacking plants, churches and restaurants. It’s unclear how often the virus is spread via these tiny droplets, or aerosols, compared with larger droplets that are expelled when a sick person coughs or sneezes, or transmitted through contact with contaminated surfaces, said Linsey Marr, an aerosol expert at Virginia Tech. Aerosols are released even when a person without symptoms exhales, talks or sings, according to Dr. Marr and more than 200 other experts, who have outlined the evidence in an open letter to the World Health Organization.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
The pandemic has been disastrous for the already weakened retail industry. Last month, sales of clothing and accessories fell by more than half. Earlier this week, J. Crew filed for bankruptcy. Retailers have furloughed employees, slashed corporate salaries and hoarded cash in a desperate attempt to make it to the end of the shutdown.The pandemic has been disastrous for the already weakened retail industry. Last month, sales of clothing and accessories fell by more than half. Earlier this week, J. Crew filed for bankruptcy. Retailers have furloughed employees, slashed corporate salaries and hoarded cash in a desperate attempt to make it to the end of the shutdown.
Allbirds, a $1.7 billion shoe start-up popular with Silicon Valley’s workers and backed by Leonardo DiCaprio, said Wednesday night it would return a loan it received from a troubled federal stimulus program for small businesses.Allbirds, a $1.7 billion shoe start-up popular with Silicon Valley’s workers and backed by Leonardo DiCaprio, said Wednesday night it would return a loan it received from a troubled federal stimulus program for small businesses.
The decision makes it one of the most prominent start-ups to return one of the loans after a public outcry about big or well-capitalized businesses taking the money. Its backers include deep-pocketed investors like Tiger Global, T. Rowe Price and Fidelity.The decision makes it one of the most prominent start-ups to return one of the loans after a public outcry about big or well-capitalized businesses taking the money. Its backers include deep-pocketed investors like Tiger Global, T. Rowe Price and Fidelity.
In a Medium post announcing the decision, Joey Zwillinger, a co-founder, said that when it had applied for the loan, the company was “losing money — lots of it” and its “eligibility for the program was clear.” Its stores had shuttered and it was having trouble delivering in some markets, he said.In a Medium post announcing the decision, Joey Zwillinger, a co-founder, said that when it had applied for the loan, the company was “losing money — lots of it” and its “eligibility for the program was clear.” Its stores had shuttered and it was having trouble delivering in some markets, he said.
Mr. Zwillinger said Allbirds was responding to the swell of demand from smaller businesses that had not been able to obtain loans.Mr. Zwillinger said Allbirds was responding to the swell of demand from smaller businesses that had not been able to obtain loans.
When the Small Business Administration opened the loan program earlier this month, some start-ups rushed to apply to extend their “runways,” or the cash they have on hand to burn through while they grow.When the Small Business Administration opened the loan program earlier this month, some start-ups rushed to apply to extend their “runways,” or the cash they have on hand to burn through while they grow.
A number of large public companies applied for the loans at the outset of the program only to face a backlash when it became clear that smaller operations had been shut out.A number of large public companies applied for the loans at the outset of the program only to face a backlash when it became clear that smaller operations had been shut out.
The government has urged them to return the funds by next Thursday if they can gain access to other sources of capital. To date, at least 44 public and private companies have returned their loans.The government has urged them to return the funds by next Thursday if they can gain access to other sources of capital. To date, at least 44 public and private companies have returned their loans.
The first two months of the pandemic-fueled economic crisis wiped out nearly 10 million low-wage jobs in the United States, including particularly steep losses at the nation’s smallest companies, detailed new research on the private job market shows.The first two months of the pandemic-fueled economic crisis wiped out nearly 10 million low-wage jobs in the United States, including particularly steep losses at the nation’s smallest companies, detailed new research on the private job market shows.
The loss in low-wage jobs from mid-February through mid-April was larger than the total of all jobs lost, at any wage level, during the previous recession and global financial crisis. The data shows that 35 percent of all low-wage workers lost their jobs, at least temporarily, during the first months of the current crisis, compared with 9 percent of the highest-wage workers.The loss in low-wage jobs from mid-February through mid-April was larger than the total of all jobs lost, at any wage level, during the previous recession and global financial crisis. The data shows that 35 percent of all low-wage workers lost their jobs, at least temporarily, during the first months of the current crisis, compared with 9 percent of the highest-wage workers.
Evidence has already made clear that low-wage earners, who are the workers most at risk of falling into poverty, and small businesses have born the brunt of the pandemic thus far. But the new research makes clear the sheer scale of the destruction and the degree to which it has exacerbated existing inequalities in the job market.Evidence has already made clear that low-wage earners, who are the workers most at risk of falling into poverty, and small businesses have born the brunt of the pandemic thus far. But the new research makes clear the sheer scale of the destruction and the degree to which it has exacerbated existing inequalities in the job market.
“The magnitude of the difference between low-wage and high-wage workers is remarkable, from a historical perspective,” said Ahu Yildirmaz, the co-head of the research institute and one of the authors of the paper, which was released Thursday by economists from the ADP Research Institute, the University of Chicago and the Federal Reserve using data from the private payroll firm ADP.“The magnitude of the difference between low-wage and high-wage workers is remarkable, from a historical perspective,” said Ahu Yildirmaz, the co-head of the research institute and one of the authors of the paper, which was released Thursday by economists from the ADP Research Institute, the University of Chicago and the Federal Reserve using data from the private payroll firm ADP.
The data shows 40 percent of all the jobs lost so far are in firms that appear to have stopped operating, either temporarily or permanently, amid the crisis, another author, Erik Hurst, said in an interview. That is particularly true among small businesses with 50 or fewer employees, which the data shows are far more likely to have laid off workers than large companies.The data shows 40 percent of all the jobs lost so far are in firms that appear to have stopped operating, either temporarily or permanently, amid the crisis, another author, Erik Hurst, said in an interview. That is particularly true among small businesses with 50 or fewer employees, which the data shows are far more likely to have laid off workers than large companies.
J.C. Penney and Sephora, which had been sparring in court about a potential closure of Sephora’s mini-shops inside hundreds of J.C. Penney locations, said on Thursday that had “reaffirmed their longstanding partnership.” J.C. Penny had filed a lawsuit on Monday that outlined disagreements between the companies, which have been partners since 2006, and highlighted the challenges that many retailers may face with vendors as they try to return to business during the pandemic.J.C. Penney and Sephora, which had been sparring in court about a potential closure of Sephora’s mini-shops inside hundreds of J.C. Penney locations, said on Thursday that had “reaffirmed their longstanding partnership.” J.C. Penny had filed a lawsuit on Monday that outlined disagreements between the companies, which have been partners since 2006, and highlighted the challenges that many retailers may face with vendors as they try to return to business during the pandemic.
Frontier Airlines became the first U.S. carrier to announce plans to take the temperature of passengers before boarding, a move that would take effect on June 1. Anyone with a temperature of 100.4 degrees or higher will be denied boarding.Frontier Airlines became the first U.S. carrier to announce plans to take the temperature of passengers before boarding, a move that would take effect on June 1. Anyone with a temperature of 100.4 degrees or higher will be denied boarding.
On Thursday, Moderna announced that the Food and Drug Administration had cleared its application to proceed to a clinical trial involving about 600 people for an experimental vaccine for the coronavirus. The main goal is to find out if the vaccine is safe and if positive results from the first few dozen volunteers in the first phase can be replicated in a much larger group. If it is successful, later studies will determine exactly how well the vaccine works.On Thursday, Moderna announced that the Food and Drug Administration had cleared its application to proceed to a clinical trial involving about 600 people for an experimental vaccine for the coronavirus. The main goal is to find out if the vaccine is safe and if positive results from the first few dozen volunteers in the first phase can be replicated in a much larger group. If it is successful, later studies will determine exactly how well the vaccine works.
The Walt Disney Company said the 120-acre Disney Springs, one of the largest shopping malls in the United States, would begin a phased reopening on May 20. The lakeside property in suburban Orlando, Fla., has about 170 stores and restaurants. Disney’s theme parks and hotels will remain closed. Disney said that reopening Disney Springs would involve face masks for employees and guests and limitations on capacity.The Walt Disney Company said the 120-acre Disney Springs, one of the largest shopping malls in the United States, would begin a phased reopening on May 20. The lakeside property in suburban Orlando, Fla., has about 170 stores and restaurants. Disney’s theme parks and hotels will remain closed. Disney said that reopening Disney Springs would involve face masks for employees and guests and limitations on capacity.
Ford Motor said on Thursday that it would restart its factories on May 18, the same day that General Motors and Fiat Chrysler have said that they would resume production. Ford said that workers in its parts depots will return to work sooner, on Monday. Gov. Gretchen Whitmer of Michigan said Thursday that manufacturing workers, including those at the automakers, could return to work on Monday.Ford Motor said on Thursday that it would restart its factories on May 18, the same day that General Motors and Fiat Chrysler have said that they would resume production. Ford said that workers in its parts depots will return to work sooner, on Monday. Gov. Gretchen Whitmer of Michigan said Thursday that manufacturing workers, including those at the automakers, could return to work on Monday.
Democratic senators on Thursday questioned whether Amazon retaliated against whistle-blowers when it fired four employees who raised concerns about the spread of coronavirus in the company’s warehouses.In a letter to the company, Senator Elizabeth Warren and eight other senators asked Amazon to provide more information about its policies for firing employees.Democratic senators on Thursday questioned whether Amazon retaliated against whistle-blowers when it fired four employees who raised concerns about the spread of coronavirus in the company’s warehouses.In a letter to the company, Senator Elizabeth Warren and eight other senators asked Amazon to provide more information about its policies for firing employees.
The Bank of England said on Thursday that the economy in the April-June quarter would be nearly 30 percent smaller than at the end of 2019, as consumer spending would fall nearly 30 percent, while business revenue, investment and trade all contracted sharply. The bank said that the full-year economy for 2020 would most likely fall 14 percent — the worst decline for the British economy, it said, since 1706.The Bank of England said on Thursday that the economy in the April-June quarter would be nearly 30 percent smaller than at the end of 2019, as consumer spending would fall nearly 30 percent, while business revenue, investment and trade all contracted sharply. The bank said that the full-year economy for 2020 would most likely fall 14 percent — the worst decline for the British economy, it said, since 1706.
ViacomCBS reported Thursday that revenue was down 6 percent to $6.7 billion, with profit halved to $917 million, for the first quarter, largely because CBS benefited from the Super Bowl last year and the NCAA basketball tournament was canceled this year. But the company saw a surge in streaming. CBS All Access and Showtime together had a 50 percent bump in subscribers to 13.5 million. The ad-supported, free service, Pluto, saw an uptick in viewers to 24 million.ViacomCBS reported Thursday that revenue was down 6 percent to $6.7 billion, with profit halved to $917 million, for the first quarter, largely because CBS benefited from the Super Bowl last year and the NCAA basketball tournament was canceled this year. But the company saw a surge in streaming. CBS All Access and Showtime together had a 50 percent bump in subscribers to 13.5 million. The ad-supported, free service, Pluto, saw an uptick in viewers to 24 million.
Reporting was contributed by Liz Alderman, Brooks Barnes, Vikas Bajaj, Kate Conger, Sapna Maheshwari, Vanessa Friedman, Patricia Cohen, Tiffany Hsu, Neal E. Boudette, Stacy Cowley, Emily Badger, Alicia Parlapiano, Kate Conger, Elizabeth Paton, Edmund Lee, Marc Tracy, Noam Scheiber, Stanley Reed, David McCabe, Erin Griffith, Mary Williams Walsh, Carlos Tejada, Mohammed Hadi, Daniel Victor and Kevin Granville.Reporting was contributed by Liz Alderman, Brooks Barnes, Vikas Bajaj, Kate Conger, Sapna Maheshwari, Vanessa Friedman, Patricia Cohen, Tiffany Hsu, Neal E. Boudette, Stacy Cowley, Emily Badger, Alicia Parlapiano, Kate Conger, Elizabeth Paton, Edmund Lee, Marc Tracy, Noam Scheiber, Stanley Reed, David McCabe, Erin Griffith, Mary Williams Walsh, Carlos Tejada, Mohammed Hadi, Daniel Victor and Kevin Granville.