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Stocks Fall as Powell Warns of Lasting Economic Damage Stocks Fall as Powell Warns of Lasting Economic Damage
(1 day later)
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.
Stocks slid on Wednesday, Wall Street’s second drop in two days, after the chair of the Federal Reserve warned of dire consequences if lawmakers don’t do enough to protect the economy.Stocks slid on Wednesday, Wall Street’s second drop in two days, after the chair of the Federal Reserve warned of dire consequences if lawmakers don’t do enough to protect the economy.
The downturn is “without modern precedent,” said Jerome H. Powell, the Fed chief. While the central bank has made efforts to limit the economic shock caused by coronavirus-related shutdowns, more financial support might be required from Washington to prevent lasting damage, he said.The downturn is “without modern precedent,” said Jerome H. Powell, the Fed chief. While the central bank has made efforts to limit the economic shock caused by coronavirus-related shutdowns, more financial support might be required from Washington to prevent lasting damage, he said.
Mr. Powell’s comments came as Democrats and Republicans argued about the merits of a new spending plan. On Tuesday, House Democrats unveiled a $3 trillion relief measure that Republicans dismissed as exorbitantly priced and overreaching.Mr. Powell’s comments came as Democrats and Republicans argued about the merits of a new spending plan. On Tuesday, House Democrats unveiled a $3 trillion relief measure that Republicans dismissed as exorbitantly priced and overreaching.
Mr. Powell’s warning — which echoes those of other economists who have said that the government’s relief efforts to date have barely sustained individuals and companies — set the tone for the trading day on Wall Street. The S&P 500 fell nearly 2 percent, adding to its 2 percent loss from the day before.Mr. Powell’s warning — which echoes those of other economists who have said that the government’s relief efforts to date have barely sustained individuals and companies — set the tone for the trading day on Wall Street. The S&P 500 fell nearly 2 percent, adding to its 2 percent loss from the day before.
Investors have shrugged off a number of risks to the economy in recent weeks, instead bidding up stocks since the Fed signaled that it was ready to purchase unlimited bonds to stabilize key financial markets and after President Trump signed a $2 trillion economic rescue package.Investors have shrugged off a number of risks to the economy in recent weeks, instead bidding up stocks since the Fed signaled that it was ready to purchase unlimited bonds to stabilize key financial markets and after President Trump signed a $2 trillion economic rescue package.
That rally, a nearly 30 percent gain in the S&P 500 in March, has lifted stock prices even as company fundamentals worsened, and it came despite a darkening outlook for growth.That rally, a nearly 30 percent gain in the S&P 500 in March, has lifted stock prices even as company fundamentals worsened, and it came despite a darkening outlook for growth.
Mr. Powell seemed to focus investors on the risks again, a day after they heard a different concern from Dr. Anthony S. Fauci, a central figure in the U.S. government’s coronavirus response. If economic interests were allowed to override public health concerns, Dr. Fauci warned, “there is a real risk that you will trigger an outbreak that you may not be able to control.”Mr. Powell seemed to focus investors on the risks again, a day after they heard a different concern from Dr. Anthony S. Fauci, a central figure in the U.S. government’s coronavirus response. If economic interests were allowed to override public health concerns, Dr. Fauci warned, “there is a real risk that you will trigger an outbreak that you may not be able to control.”
And some influential investors have weighed in on the growing disconnect between the performance of the stock market and an ugly outlook for the American economy. On Wednesday, David Tepper, a longtime hedge fund manager, said on CNBC that he thought the market was the most overvalued it has been since 1999.And some influential investors have weighed in on the growing disconnect between the performance of the stock market and an ugly outlook for the American economy. On Wednesday, David Tepper, a longtime hedge fund manager, said on CNBC that he thought the market was the most overvalued it has been since 1999.
Uber raised $900 million in a debt sale to help fund potential acquisitions, the ride-hailing company said Wednesday.Uber raised $900 million in a debt sale to help fund potential acquisitions, the ride-hailing company said Wednesday.
Uber is in talks to acquire Grubhub, the food-delivery service, although the deal has not yet been finalized and could still fall apart. If it goes through, it would create one giant player in food delivery as more people turn toward those services in the coronavirus pandemic.Uber is in talks to acquire Grubhub, the food-delivery service, although the deal has not yet been finalized and could still fall apart. If it goes through, it would create one giant player in food delivery as more people turn toward those services in the coronavirus pandemic.
Uber’s debt sale puts it alongside Disney, ViacomCBS and Live Nation, which have all raised cash to ride out financial uncertainty caused by the coronavirus pandemic. Uber said it would put the proceeds toward “working capital and other general corporate purposes, which may include potential acquisitions and strategic transactions.”Uber’s debt sale puts it alongside Disney, ViacomCBS and Live Nation, which have all raised cash to ride out financial uncertainty caused by the coronavirus pandemic. Uber said it would put the proceeds toward “working capital and other general corporate purposes, which may include potential acquisitions and strategic transactions.”
Companies like Uber are trying to limit damage to their business from the coronavirus — its main ride-hailing business has cratered as people have stopped traveling — and double down on services that are growing. The food delivery business has also been highly competitive, with rivals regularly undercutting one another on delivery prices, so a deal that would unite two of the players could help reduce those pressures.Companies like Uber are trying to limit damage to their business from the coronavirus — its main ride-hailing business has cratered as people have stopped traveling — and double down on services that are growing. The food delivery business has also been highly competitive, with rivals regularly undercutting one another on delivery prices, so a deal that would unite two of the players could help reduce those pressures.
Online sales in the United States have surged since shelter-in-place measures shuttered brick-and-mortar stores in March. But the recent gains have not been spread evenly, new data shows.Online sales in the United States have surged since shelter-in-place measures shuttered brick-and-mortar stores in March. But the recent gains have not been spread evenly, new data shows.
Big and sometimes unexpected winners have emerged in several of the industries that have come to define the coronavirus economy, according to data from Earnest Research, which tracks millions of credit and debit card transactions in the United States.Big and sometimes unexpected winners have emerged in several of the industries that have come to define the coronavirus economy, according to data from Earnest Research, which tracks millions of credit and debit card transactions in the United States.
More than a third of all Americans ordered groceries online for the first time over the last month, according to several surveys, and people have spent more ordering groceries online each succeeding week of the crisis. The clear winner so far has been Instacart.More than a third of all Americans ordered groceries online for the first time over the last month, according to several surveys, and people have spent more ordering groceries online each succeeding week of the crisis. The clear winner so far has been Instacart.
Target and Walmart have been investing more heavily in grocery sales to take on the behemoth of online shopping, Amazon. Both companies recently expanded their online sales much faster than Amazon.Target and Walmart have been investing more heavily in grocery sales to take on the behemoth of online shopping, Amazon. Both companies recently expanded their online sales much faster than Amazon.
DoorDash, the market leader in online meal delivery, expanded its dominant position as it focused on chain restaurants and areas outside the big cities, where the sense of crisis has been less acute. Grubhub grew more slowly, in large part, analysts say, because the company had long focused on independent restaurants, which have been more likely to close during the quarantines, and on New York, where the crisis hit the hardest.DoorDash, the market leader in online meal delivery, expanded its dominant position as it focused on chain restaurants and areas outside the big cities, where the sense of crisis has been less acute. Grubhub grew more slowly, in large part, analysts say, because the company had long focused on independent restaurants, which have been more likely to close during the quarantines, and on New York, where the crisis hit the hardest.
One of the few apparel companies that has been doing well, at least online, is Lululemon, thanks to its generous selection of the sweatpants and leggings that serve as particularly good work clothes when your office is in the basement.One of the few apparel companies that has been doing well, at least online, is Lululemon, thanks to its generous selection of the sweatpants and leggings that serve as particularly good work clothes when your office is in the basement.
A retirement fund for more than 5.9 million current and former government employees has halted plans to invest in Chinese stocks.A retirement fund for more than 5.9 million current and former government employees has halted plans to invest in Chinese stocks.
The Thrift Savings Plan’s effort to diversify the international stock portion of the $593.7 billion it has in assets under management has become a flash point in an increasingly contentious relationship between the United States and China.The Thrift Savings Plan’s effort to diversify the international stock portion of the $593.7 billion it has in assets under management has become a flash point in an increasingly contentious relationship between the United States and China.
The board that controls the fund had for months defended its plans to increase its exposure to China, saying that it was simply seeking to diversify its investments and provide better returns for its savers.The board that controls the fund had for months defended its plans to increase its exposure to China, saying that it was simply seeking to diversify its investments and provide better returns for its savers.
But members of Congress, the Trump administration and outside advisers have criticized the move, saying that it would pump funds into some companies that work with the Chinese military or have been the subject of sanctions by the U.S. government.But members of Congress, the Trump administration and outside advisers have criticized the move, saying that it would pump funds into some companies that work with the Chinese military or have been the subject of sanctions by the U.S. government.
Politicians of both parties, but particularly some in the Trump administration, have called for decoupling the Chinese and American economies, arguing that American efforts to work closely with China have strengthened its authoritarian government.Politicians of both parties, but particularly some in the Trump administration, have called for decoupling the Chinese and American economies, arguing that American efforts to work closely with China have strengthened its authoritarian government.
Others have criticized a lack of transparency in the Chinese financial system that could be putting American investors at risk of fraud. Chinese law restricts the company documentation that auditors can transfer out of the country, limiting their visibility to American regulators.Others have criticized a lack of transparency in the Chinese financial system that could be putting American investors at risk of fraud. Chinese law restricts the company documentation that auditors can transfer out of the country, limiting their visibility to American regulators.
Clete Willems, a former Trump administration official who is now a partner at the law firm Akin Gump, said the decision “may just be the start of a broader reassessment about the risks of investing in China.”Clete Willems, a former Trump administration official who is now a partner at the law firm Akin Gump, said the decision “may just be the start of a broader reassessment about the risks of investing in China.”
The Treasury Department eased its call for all recipients of emergency small business loans to consider returning the money if they had other options and said on Wednesday that borrowers who took loans for less than $2 million would be considered to have applied in good faith.The Treasury Department eased its call for all recipients of emergency small business loans to consider returning the money if they had other options and said on Wednesday that borrowers who took loans for less than $2 million would be considered to have applied in good faith.
The updated guidance is the latest shift for the Paycheck Protection Program. It comes after Treasury Secretary Steven Mnuchin warned last month that businesses that had other access to capital and took small business loans could face audits and criminal prosecution. Borrowers were given until May 14 to review their loans, which are forgivable, and repay the money if they did not truly need it.The updated guidance is the latest shift for the Paycheck Protection Program. It comes after Treasury Secretary Steven Mnuchin warned last month that businesses that had other access to capital and took small business loans could face audits and criminal prosecution. Borrowers were given until May 14 to review their loans, which are forgivable, and repay the money if they did not truly need it.
But on Wednesday, Treasury said that borrowers who took smaller loans were in the clear.But on Wednesday, Treasury said that borrowers who took smaller loans were in the clear.
The agency decided that smaller loans likely went to businesses that did not have other access to capital and that the money would allow them to keep workers on the payroll. Scaling back its effort to claw back money will also allow the Small Business Administration to focus its auditing efforts on bigger companies that took larger loans.The agency decided that smaller loans likely went to businesses that did not have other access to capital and that the money would allow them to keep workers on the payroll. Scaling back its effort to claw back money will also allow the Small Business Administration to focus its auditing efforts on bigger companies that took larger loans.
Any company that took a loan larger than $2 million and seeks to have the loan forgiven will face a review by the S.B.A.Any company that took a loan larger than $2 million and seeks to have the loan forgiven will face a review by the S.B.A.
Last week, the Labor Department’s monthly report showed that the U.S. economy in April shed a staggering 20.5 million jobs, the worst figures since the Great Depression. But a new analysis suggests that the rapid rise in unemployment may be flattening, though not for everyone.Last week, the Labor Department’s monthly report showed that the U.S. economy in April shed a staggering 20.5 million jobs, the worst figures since the Great Depression. But a new analysis suggests that the rapid rise in unemployment may be flattening, though not for everyone.
According to an analysis of daily surveys conducted by Civis Analytics, while women, workers earning more than $100,000 and part-time workers are continuing to experience growing joblessness or no improvement, the rate of change is relatively brighter for men, full-time employees and people earning less than $50,000.According to an analysis of daily surveys conducted by Civis Analytics, while women, workers earning more than $100,000 and part-time workers are continuing to experience growing joblessness or no improvement, the rate of change is relatively brighter for men, full-time employees and people earning less than $50,000.
Other researchers tracking employment have also noted a slowdown in employment losses. For example, the Current Population Survey implies employment among working-age Americans fell 13.8 percent between early March and early April, while our tracker shows employment among this population fell 13.2 percent by mid-to-late April.Other researchers tracking employment have also noted a slowdown in employment losses. For example, the Current Population Survey implies employment among working-age Americans fell 13.8 percent between early March and early April, while our tracker shows employment among this population fell 13.2 percent by mid-to-late April.
Because these results are cumulative, a slowdown means that fewer people are joining the ranks of the unemployed, but also that few of the workers who became unemployed in March and April are returning to work.Because these results are cumulative, a slowdown means that fewer people are joining the ranks of the unemployed, but also that few of the workers who became unemployed in March and April are returning to work.
J.C. Penney, the department-store chain that was founded in 1902, might file for bankruptcy as soon as Friday after skipping two interest payments on its debt in the past month, according to two people familiar with the matter.J.C. Penney, the department-store chain that was founded in 1902, might file for bankruptcy as soon as Friday after skipping two interest payments on its debt in the past month, according to two people familiar with the matter.
The company is in talks to secure about $450 million in debtor-in-possession financing, which would allow it to keep operating the business, according to the people, who spoke on condition of anonymity because discussions were confidential. The company declined to comment.The company is in talks to secure about $450 million in debtor-in-possession financing, which would allow it to keep operating the business, according to the people, who spoke on condition of anonymity because discussions were confidential. The company declined to comment.
The people said that the filing date could change, and that the amount of financing was still being negotiated. It would follow last week’s bankruptcy filing from the Neiman Marcus Group as department stores struggle to navigate their businesses through the coronavirus pandemic. J. Crew also filed for bankruptcy last week. A filing from J.C. Penney, however, would be the biggest bankruptcy yet during the pandemic based on its number of locations and workers. The retailer, which is based in Plano, Texas, has 846 stores in the United States and Puerto Rico and 90,000 employees.The people said that the filing date could change, and that the amount of financing was still being negotiated. It would follow last week’s bankruptcy filing from the Neiman Marcus Group as department stores struggle to navigate their businesses through the coronavirus pandemic. J. Crew also filed for bankruptcy last week. A filing from J.C. Penney, however, would be the biggest bankruptcy yet during the pandemic based on its number of locations and workers. The retailer, which is based in Plano, Texas, has 846 stores in the United States and Puerto Rico and 90,000 employees.
Southwest Airlines began a monthlong sale on Tuesday for flights between May 26 and Aug. 31 in an effort to encourage summer travel. One-way tickets range from $49 to $99, with the airline offering double frequent flier points.Southwest Airlines began a monthlong sale on Tuesday for flights between May 26 and Aug. 31 in an effort to encourage summer travel. One-way tickets range from $49 to $99, with the airline offering double frequent flier points.
Updated June 5, 2020Updated June 5, 2020
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.
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.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.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
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.
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.
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.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
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.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
Devastated carriers are struggling to fill planes as stay-at-home orders keep most people from traveling. The Transportation Security Administration said that it conducted checks on 163,205 passengers on Tuesday, compared with 2,191,387 passengers on the same day in 2019. Most planes have been flying with an average of 23 passengers.Devastated carriers are struggling to fill planes as stay-at-home orders keep most people from traveling. The Transportation Security Administration said that it conducted checks on 163,205 passengers on Tuesday, compared with 2,191,387 passengers on the same day in 2019. Most planes have been flying with an average of 23 passengers.
“This promotion is designed to see if Southwest can stimulate demand among personal or leisure travelers,” said Robert Mann, an airline industry analyst and former executive. “They’re trolling for adventurous souls to go out and sample the travel environment.”“This promotion is designed to see if Southwest can stimulate demand among personal or leisure travelers,” said Robert Mann, an airline industry analyst and former executive. “They’re trolling for adventurous souls to go out and sample the travel environment.”
Southwest, the largest domestic carrier, typically has two popular sales each year — one in June and another in October, but neither sale includes summer trips. The current sale fares don’t apply to flights on popular travel days like Fridays and Sundays or trips over the Memorial Day and Labor Day holiday weekends.Southwest, the largest domestic carrier, typically has two popular sales each year — one in June and another in October, but neither sale includes summer trips. The current sale fares don’t apply to flights on popular travel days like Fridays and Sundays or trips over the Memorial Day and Labor Day holiday weekends.
Federal Reserve Chair Jerome H. Powell delivered a stark warning on Wednesday that the United States is facing an economic hit “without modern precedent,” one that could permanently damage the economy if Congress does not provide sufficient policy support to prevent a wave of bankruptcies and prolonged joblessness.Federal Reserve Chair Jerome H. Powell delivered a stark warning on Wednesday that the United States is facing an economic hit “without modern precedent,” one that could permanently damage the economy if Congress does not provide sufficient policy support to prevent a wave of bankruptcies and prolonged joblessness.
Mr. Powell’s blunt diagnosis was the clearest signal yet that the trillions of dollars in support that policymakers have already funneled into the economy may not be enough to prevent lasting damage from a virus that has already shuttered businesses and thrown more than 20 million people out of work.Mr. Powell’s blunt diagnosis was the clearest signal yet that the trillions of dollars in support that policymakers have already funneled into the economy may not be enough to prevent lasting damage from a virus that has already shuttered businesses and thrown more than 20 million people out of work.
It also serves as a rejoinder to lawmakers and the Trump administration, whose discussions of additional rescue measures have run aground as Democrats unveil a dramatic wish-list and Republicans shy away from federal spending, betting instead that “reopening” the economy will quickly and dramatically lift growth.It also serves as a rejoinder to lawmakers and the Trump administration, whose discussions of additional rescue measures have run aground as Democrats unveil a dramatic wish-list and Republicans shy away from federal spending, betting instead that “reopening” the economy will quickly and dramatically lift growth.
“The recovery may take some time to gather momentum,” Mr. Powell said at a virtual event put on by the Peterson Institute for International Economics, where he lauded Congress’s early response packages and suggested that an uncertain outlook may call for more. “Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery.”“The recovery may take some time to gather momentum,” Mr. Powell said at a virtual event put on by the Peterson Institute for International Economics, where he lauded Congress’s early response packages and suggested that an uncertain outlook may call for more. “Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery.”
Mr. Powell and his central bank colleagues are stepping into their role as economic experts and informal advisers to prod fiscal policymakers into action. They say the recovery remains “highly uncertain,” and if the policy response proves inadequate, the consequences could be long-lasting and painful.Mr. Powell and his central bank colleagues are stepping into their role as economic experts and informal advisers to prod fiscal policymakers into action. They say the recovery remains “highly uncertain,” and if the policy response proves inadequate, the consequences could be long-lasting and painful.
Mr. Powell pointed out that the burden often falls on the most disadvantaged, explaining that a Fed survey set for release on Thursday will show that almost 40 percent of people who were working in February and were members of households making less than $40,000 a year had lost their jobs in March.Mr. Powell pointed out that the burden often falls on the most disadvantaged, explaining that a Fed survey set for release on Thursday will show that almost 40 percent of people who were working in February and were members of households making less than $40,000 a year had lost their jobs in March.
He also said on Wednesday that the central bank was not considering cutting interest rates below zero, adding that the Fed would instead rely on the same tools it employed during the last recession — forward guidance about the path of interest rates and asset purchases.He also said on Wednesday that the central bank was not considering cutting interest rates below zero, adding that the Fed would instead rely on the same tools it employed during the last recession — forward guidance about the path of interest rates and asset purchases.
A motorcade of hundreds of buses drove around Washington, D.C., on Wednesday, part of a “rolling rally” calling for federal assistance as the industry struggles during the coronavirus pandemic. The American Bus Association and United Motorcoach Association are asking lawmakers for $15 billion in grants and loans.A motorcade of hundreds of buses drove around Washington, D.C., on Wednesday, part of a “rolling rally” calling for federal assistance as the industry struggles during the coronavirus pandemic. The American Bus Association and United Motorcoach Association are asking lawmakers for $15 billion in grants and loans.
“In the last stimulus bill, every form of passenger transportation was funded: airlines, Amtrak and transit, and the only form that wasn’t funded was private bus operators,” said Peter J. Pantuso, president of the American Bus Association. “The industry provides transport for 600 million people a year — as many as the airplanes do — and we were completely left out by Congress.”“In the last stimulus bill, every form of passenger transportation was funded: airlines, Amtrak and transit, and the only form that wasn’t funded was private bus operators,” said Peter J. Pantuso, president of the American Bus Association. “The industry provides transport for 600 million people a year — as many as the airplanes do — and we were completely left out by Congress.”
More than 90 percent of the industry’s work force was laid off or furloughed because of the impact of stay-at-home orders on travel.More than 90 percent of the industry’s work force was laid off or furloughed because of the impact of stay-at-home orders on travel.
The Internal Revenue Service on Tuesday made it easier for employers to allow workers to make adjustments to their health insurance plans and flexible spending accounts in response to the coronavirus pandemic.The Internal Revenue Service on Tuesday made it easier for employers to allow workers to make adjustments to their health insurance plans and flexible spending accounts in response to the coronavirus pandemic.
Normally, strict rules prevent employees from changing health insurance plans in the middle of a year. But the I.R.S. is giving employers a way to let workers make changes without waiting for the usual enrollment period.Normally, strict rules prevent employees from changing health insurance plans in the middle of a year. But the I.R.S. is giving employers a way to let workers make changes without waiting for the usual enrollment period.
Under the new guidance, employers can let their workers drop out of their health insurance if they have another option, or sign up if they failed to earlier in the year. Workers could also be allowed to add more family members to their plan, or switch from one workplace plan to another.Under the new guidance, employers can let their workers drop out of their health insurance if they have another option, or sign up if they failed to earlier in the year. Workers could also be allowed to add more family members to their plan, or switch from one workplace plan to another.
A United Nations report Wednesday predicted that the global economy would contract by 3.2 percent in 2020 because of the pandemic. A small increase had been expected before the crisis started. The U.N. further expects 34.3 million people to fall into extreme poverty this year, with more than half of the increase happening in Africa.A United Nations report Wednesday predicted that the global economy would contract by 3.2 percent in 2020 because of the pandemic. A small increase had been expected before the crisis started. The U.N. further expects 34.3 million people to fall into extreme poverty this year, with more than half of the increase happening in Africa.
Condé Nast plans to lay off nearly 100 employees, the company’s chief executive, Roger J. Lynch, announced in a memo to staff members on Wednesday. The publisher of Vogue, Vanity Fair and The New Yorker has sought to cut costs across the company as luxury sales tumble during the coronavirus pandemic. The staff reductions follow pay cuts for top executives, including Anna Wintour, the company’s artistic director, which the company announced last month. Another 100 people will be furloughed for a few months and other employees will see reduced hours.Condé Nast plans to lay off nearly 100 employees, the company’s chief executive, Roger J. Lynch, announced in a memo to staff members on Wednesday. The publisher of Vogue, Vanity Fair and The New Yorker has sought to cut costs across the company as luxury sales tumble during the coronavirus pandemic. The staff reductions follow pay cuts for top executives, including Anna Wintour, the company’s artistic director, which the company announced last month. Another 100 people will be furloughed for a few months and other employees will see reduced hours.
Britain’s economy contracted by 2 percent in the first three months of 2020 compared with the previous quarter, the government reported on Wednesday, the steepest quarterly drop since the financial crisis in 2008. In March alone, the economy shrank by 5.8 percent from February, the largest drop since the Office of National Statistics began keeping monthly tallies in 1997.Britain’s economy contracted by 2 percent in the first three months of 2020 compared with the previous quarter, the government reported on Wednesday, the steepest quarterly drop since the financial crisis in 2008. In March alone, the economy shrank by 5.8 percent from February, the largest drop since the Office of National Statistics began keeping monthly tallies in 1997.
Reporting was contributed by Kate Conger, Ana Swanson, Nathaniel Popper, Jeanna Smialek, Sapna Maheshwari, Alan Rappeport, Michael J. de la Merced, Stanley Reed, Ernie Tedeschi, Quoctrung Bui, Sophia June, Tariro Mzezewa, Jack Ewing, Carlos Tejada, Mohammed Hadi, Vikas Bajaj, Niraj Chokshi, Edmund Lee, Neal E. Boudette, Jane Margolies, Katie Robertson and Gregory Schmidt.Reporting was contributed by Kate Conger, Ana Swanson, Nathaniel Popper, Jeanna Smialek, Sapna Maheshwari, Alan Rappeport, Michael J. de la Merced, Stanley Reed, Ernie Tedeschi, Quoctrung Bui, Sophia June, Tariro Mzezewa, Jack Ewing, Carlos Tejada, Mohammed Hadi, Vikas Bajaj, Niraj Chokshi, Edmund Lee, Neal E. Boudette, Jane Margolies, Katie Robertson and Gregory Schmidt.