COVID-19 Monitor

Last Updated:October 15, 2020

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With 1m dead, are we any better at treating Covid-19? (FT) Published on: October 3, 2020 | Category: Global Response

The global survival rate for people hospitalised with Covid-19 has increased from 66 per cent in March to 84 per cent in August, according to the International Severe Acute Respiratory and Emerging Infection Consortium.
Even accounting for the demographic differences between the patients being treated at her hospital, she found their chances of survival were 22 percentage points higher in August than in March in research that has yet to be peer-reviewed.
Even without a “silver bullet” drug, Dr Horwitz believes there are “dramatic” differences in our understanding of Covid-19, especially the sheer havoc it can cause across the body, from the heart to the toes.

Job Gains Are Waning, a Blow to Economic Recovery (NY Times) Published on: October 2, 2020 | Category: Economic Impact

The economy has nearly 11 million fewer jobs than it did before the pandemic, a bigger loss than the 8.7 million at the depth of the recession a decade ago.
The September slowdown was partly a result of public-sector job losses, particularly in school districts, where payrolls fell by more than 200,000.

Long-Term Unemployment Poses Rising Risk to the Economy (WSJ) Published on: October 2, 2020 | Category: Economic Impact

In April, the most severe month for job loss in the current downturn, 88% of those who recently lost jobs reported their layoff as temporary, meaning they expected to return to the same role within six months, according to the Labor Department.
In September, the share of such optimists fell to 51%, Friday’s jobs report showed.
Meanwhile, those reporting themselves as permanent job losers rose to 3.8 million in September, from 2 million in April.

Oil dragged under $40 by drab demand (FT) Published on: October 2, 2020 | Category: Economic Impact

Oil prices slipped below $40 a barrel to hit the lowest level since June as traders bet the recovery in a market hammered by the coronavirus pandemic has run out of steam.
Opec is due to increase production slowly in the coming months under an agreed timeline to unwind its supply deal, but it may need to delay those plans to support crude prices that tumbled below $20 a barrel in April.

How Covid Broke Times Square, the Heart of New York’s Economy (WSJ) Published on: October 2, 2020 | Category: Economic Impact

New York City’s real-estate market is suffering its most severe crisis in decades.
At the city’s hotels, as many as 25,000 rooms, or 20% of the total, might never reopen, analysts and hotel owners have said, as business travel and tourism remain subdued.
Manhattan’s office market is trying to fend off a potential disaster after leasing fell to a 25-year low in the second quarter, as many companies extend work-from-home policies or explore satellite offices outside the city.

Ottawa spending another $600M to help businesses survive lockdowns (CBC) Published on: October 2, 2020 | Category: Canadian Business

The federal government is giving $600 million to help small- and medium-sized businesses deal with possible lockdowns during a second wave of the COVID-19 pandemic, Radio-Canada has learned.
About $456 million of the new money will be made available to help businesses struggling to bridge their finances through another lockdown.
Another $144 million will help provide capital and technical support to rural businesses and communities through the offices of Community Futures Canada, which provides small business services to rural communities.

The Infrastructure Bank pivots to pandemic (The Logic) Published on: October 1, 2020 | Category: Canadian Business

$10 billion: That’s how much the Canada Infrastructure Bank (CIB) is allocating to back Ottawa’s pandemic recovery plan, including capital for clean power projects, broadband buildouts, and zero-emission buses.
Industry executives have expressed concern that the Crown corporation—established in June 2017 to attract private-sector investment for megaprojects—has been slow to consider and greenlight new developments, and several top executives have departed in recent months.
The “growth plan” includes $2 billion to extend broadband access to 750,000 additional households. That’s up from the $1 billion over 10 years the government pledged out of CIB funds in the 2019 federal budget.

Airbnb takes flight: The short-term rental company’s surprising (relative) success during the COVID-19 pandemic (Cardify) Published on: October 1, 2020 | Category: Economic Impact

Airbnb is outperforming the rest of the lodging industry in the face of the pandemic, which may bode well for the company’s imminent IPO.
Current Airbnb spending is comparable to the summer of 2019, whereas the lodging industry is down approximately 50% compared to prior year.
Given these numbers, it is not surprising that Airbnb’s share of the lodging industry has grown significantly since the beginning of the year from 29% to over 57%.

Fears of poverty, insolvency, unemployment top of mind for stressed out Canadians (Financial Post) Published on: October 1, 2020 | Category: Canadian Business, Global Response

It may be little surprise the pandemic has infected Canadians with more stress over debt, but a new survey offers the eye-openers that people fear the stigma of mental illness more than poverty and business failure, and young people are more afraid than their elders.
Poverty followed at 68 per cent, debt or insolvency at 66 per cent, unemployment at 62 per cent, business failure 46 per cent and divorce at 40 per cent, Bromwich+Smith said.
About three-quarters of Canadians aged 18-34, the highest amount of any age category, said they suffer dread on a number of issues, such as fear of the unknown, compared with 62 per cent of those aged 35-54 and 56 per cent of those over 55, the company said.

US personal income falls after lapse of Covid benefits (FT) Published on: October 1, 2020 | Category: Economic Impact

US personal income dropped by 2.7 per cent in August after the lapse of emergency unemployment benefits for millions of Americans, raising fears that lower consumption could dampen the economic recovery.
According to data from the commerce department’s Bureau of Economic Analysis, the drop in income was worth $543.5bn and larger than economists were predicting.
It was accompanied by a slowdown in consumption growth to 1 per cent in August, from 1.5 per cent in July, and a drop in the savings rate to 14.1 per cent in August from 17.7 as Americans were increasingly forced to dip into their savings in order to keep spending.

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