Coronavirus News (7)

Coronavirus: China’s economy suffers dramatic collapse in January, February in warning to rest of world industrial production – a measure of manufacturing, mining and utilities activity – declined by 13.5 per cent over the first two months of the year ........ the numbers were well below expectations of a 3.0 per cent decline. ....... Retail sales, a key metric of consumption in the world’s second largest economy, fell by 20.5 per cent, again the first decline on record. ..... Fixed asset investment – a gauge of expenditure on items including infrastructure, property, machinery and equipment – collapsed by 24.5 per cent, much worse than analysts’ predictions of minus 2.0 per cent. ....... a prolonged containment effort that left hundreds of millions of people unable to return to work ....... the US Federal Reserve cutting interest rates to near zero, as well as announcing that it would embark on a new round of quantitative easing. ....... Global markets shrugged off the cut, suggesting that more creative policy measures may be required to arrest the prospect of a recession. ........ manufacturing output alone had slumped by 15.7 per cent over January and February, while investment in the sector fell by a massive 31.5 per cent. .......

Ultimately the global economic shock from Covid-19 needs a global response

States order bar closures and restaurant restrictions as coronavirus cases climb
Illinois gov says White House staffer 'yelled' at him over tweet blasting federal response to airport crowds

As coronavirus recession threatens, economists recommend cash for people High on that list: Giving money directly to people — fast. ...... any prolonged downturn fueled by the coronavirus is likely to be caused by something more basic than the financial bubble that led to the post-housing crash slump and recessions: A sharp decline in consumer spending, which accounts for roughly two-thirds of economic activity. ....... As more people practice the "social distancing" measures that health authorities recommend, they are canceling trips and staying in more, slowing the economy. That means as the number of coronavirus cases grows, its economic effects could escalate quickly. ....... He was less enthusiastic about other reported fixes, such as tax breaks or targeted industry bailouts........

send $1,000 to every individual, and an additional $500 per child.

...... Other countries affected by the coronavirus are directing money to their citizens to lighten the economic blow. China is speeding up payments of unemployment benefits. France, Japan and Korea are boosting subsidies for workers to stay home to care for children, and France is giving money to people forced to self-quarantine. Hong Kong, among other measures, is offering the equivalent of $1,280 to permanent residents who've been affected by the outbreak. ....... a check from the federal government wouldn't be unprecedented. But for a presidential administration that has so far considered only top-down approaches to easing the economic pain, it would be unusual.

Yuval Harari: This is the worst epidemic in 'at least 100 years'
Peace Corps suspending operations, evacuating all volunteers over coronavirus

Trump tells US 'relax, we're doing great' as his virus expert says worst is yet to come Trump again appeared to downplay the threat of the novel coronavirus. “Relax, we’re doing great,” he said, during short, meandering comments that focused mostly on celebrating a decision by the Federal Reserve to lower interest rates. “It all will pass.” ........ The president’s remarks stood in marked contrast to his lead infectious diseases expert, Dr Anthony Fauci, who used

the same conference

to warn: “The worst is ahead for us”, describing the crisis as reaching a “very, very critical point now”. Earlier in the day Dr Fauci had declined to rule out a “national lockdown” of bars and restaurants as he urged more aggressive measures, similar to those in Europe and elsewhere, to contain the virus. ........ California governor Gavin Newsom announced that the nation’s most populous state would enforce a closure of all bars and nightclubs, and make restaurants cut capacity by half. The governor also urged all those over 65 to self-isolate....... The Centers for Disease Control (CDC), the leading US government agency for public health, announced a national recommendation shortly after, urging all gatherings of 50 people or over, including festivals, parades, weddings and sporting events, to be cancelled for the next eight weeks. ...... Twenty-four states have already announced some form of school closure ...... 1.9 million Covid-19 tests to be processed over the coming weeks at over 2,000 laboratories across the country. .......... the roll-out of more testing would lead to a “spike” in positive results.

Reporter: White House Knew Of Coronavirus' 'Major Threat,' But Response Fell Short
Coronavirus updates: Death toll surges, schools close and a warning - CDC says no large gatherings for 8 weeks
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Social distancing could have devastating effect on people with depression "Isolation is so devastating to our own mood because we're left stuck with our own thoughts," a psychotherapist said.

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