COVID-19 Monitor

Last Updated:October 15, 2020

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New Covid-19 Layoffs Make Job Reductions Permanent (WSJ) Published on: August 28, 2020 | Category: Economic Impact

A new wave of layoffs is washing over the U.S. as several big companies reassess staffing plans and settle in for a long period of uncertainty.
MGM Resorts International and Stanley Black & Decker Inc. recently told some employees furloughed at the outset of the coronavirus pandemic that they wouldn’t be put back on the payroll.
The outlook reflects an acceptance by corporate executives that they will have to contend with the pandemic and its economic fallout for a longer period than they had hoped.

U.S. Consumer Spending Rose More Slowly in July (WSJ) Published on: August 28, 2020 | Category: Economic Impact

U.S. consumers boosted their spending in July, but more slowly than in prior months as new coronavirus infections rose and the expiration of enhanced unemployment checks loomed.
That marked a slowdown from the previous two months when it picked up strongly after collapsing during the coronavirus-related shutdowns of parts of the economy.
Economists say the wave of new coronavirus cases that swept the U.S. during July weakened the nascent economic recovery, even though nearly two million Americans joined the workforce.

Two P.R. Experts at F.D.A. Have Been Ousted After Blood Plasma Fiasco (NY Times) Published on: August 28, 2020 | Category: Global Response, Leadership

Two senior public relations experts advising the Food and Drug Administration have been ousted from their positions after fumbled communications about a blood plasma treatment for Covid-19.
The White House had installed Ms. Miller, who had previously worked in communications for the re-election campaign of Senator Ted Cruz and as a journalist for One America News, the conservative cable network, in this post just 11 days ago.
The F.D.A. had been considering allowing the use of convalescent plasma as a treatment for Covid-19 on an emergency basis, but last week, The New York Times reported that the decision had been delayed after Dr. Francis S. Collins and Dr. Anthony S. Fauci intervened and expressed concern that the available evidence on the effectiveness of the treatment was too weak.

Coca-Cola to cut thousands of jobs (FT) Published on: August 28, 2020 | Category: Global Response

Coca-Cola is to become the latest multinational company to cut thousands of jobs, setting out plans to restructure its business in response to a fall in demand after bars, restaurants and other venues closed to stop the spread of Covid-19.
“Voluntary separation” will be offered to 4,000 of the beverage maker’s employees in the US, Canada and Puerto Rico while similar schemes would be offered to an undisclosed number of workers in other countries.
Coca-Cola’s severance plans, which the company estimates will cost up to $550m, follow the steepest drop in the group’s quarterly sales in more than a quarter of a century.

Canada’s economy shrank at fastest pace on record in Q2 despite sharp bounceback in May and June (CBC) Published on: August 28, 2020 | Category: Canadian Business

Canada’s economy shrank at the fastest pace on record in the second quarter, as consumer spending, business investment, imports and exports all dried up because of COVID-19.
At 11.5 per cent, the quarterly contraction was better than the 12 per cent that Statistics Canada had been forecasting, but still more than twice as bad as the lowest point hit in the financial crisis of 2009, when the worst three-month period for GDP came in at -4.7 per cent.

When offices re-open, expect resurgence of dreaded hot-desking (The Sydney Morning Herald) Published on: August 28, 2020 | Category: Global Response

Most office workers now dream of weeks in which they can choose to come into an office as and when they please.
Almost a quarter — 23 per cent — said they would like to come into an office three out of five days, compared to 16 per cent who chose five days, and 7 per cent who said they would prefer to never come in.
However, a majority of workers say they would give up a fixed desk if they were allowed to work from home some of the time, according to Iometrics’ survey.

The University of Arizona says it caught a dorm’s covid-19 outbreak before it started. Its secret weapon: Poop. (Washington Post) Published on: August 28, 2020 | Category: Global Response

As 5,000 students prepared for move-in day at the University of Arizona this week, the school warned they would be tested periodically for the coronavirus.
One test, though, doesn’t involve a nose swab. The university is regularly screening the sewage from each dorm, searching for traces of the virus.
On Thursday, officials said the technique worked — and possibly prevented a sizable outbreak on campus.

How to Make Rational Decisions in the Face of Uncertainty (HBR) Published on: August 28, 2020 | Category: Leadership

As we’re battling a virus that scientists still don’t fully understand, watching the stock market sink, then soar, then sink again, and facing a contentious election, the future seems completely unpredictable (instead of merely as unpredictable as it has always been). When we feel such heightened uncertainty, our decision-making processes can break down.
Being aware of our uncertainty is a necessary precursor to managing it. Effective awareness means pausing, taking a strategic stop, and assessing the situation and the unknowns.
There is so much we know to be unknown. But there’s good news: To solve a specific problem, you don’t need to probe all the unknowns.

Alberta on track to record-setting $24.2B budget deficit (CBC) Published on: August 27, 2020 | Category: Canadian Business, Economic Impact

Alberta is on track to end the current fiscal year with a $24.2-billion deficit, the largest in the province’s history, and the finance minister is suggesting more cuts are on the way.
The deficit is forecast to be $16.8 billion higher than was estimated in the provincial budget in February.
The province is now forecasting total revenue will be $38.4 billion, down $11.5 billion from the budget. Total forecasted expense is now pegged at $62.6 billion, up $5.3 billion.

Unemployment Claims Are ‘Stubbornly High’ as Layoffs Persist (NY Times) Published on: August 27, 2020 | Category: Economic Impact

New filings again exceeded one million last week, and an extra $300 in jobless pay may not show up before mid-September in most states.
Another 608,000 people filed for benefits under the federal Pandemic Unemployment Assistance program, which offers aid to independent contractors, self-employed workers and others not covered by regular state programs.
Job growth slowed in July, and real-time data from private-sector sources suggests that hiring has slumped further in August.
“It is worrying because it does signal that these large companies are pessimistic about the state of the recovery and don’t think that we are going to be returning to normal anytime soon,” said Daniel Zhao, senior economist at the career site Glassdoor.

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