1) With 13 million Americans unemployed and their unemployment benefits running out, many will have only seasonal jobs to turn to. But with such wide spread unemployment, getting hired for seasonal work wont be easy. With the coming holidays, seasonal jobs traditionally mushroom with major companies already hosting hiring events to fulfill their temporary ranks. Companies like Michael’s will hire over 16,000 temporary people, with UPS expecting to hire over 100,000 for holiday package delivery. Retailers doing e-commerce, such as Amazon or Walmart are expected to need many seasonal workers and therefore are good places for job seekers to apply.
2) Fears are growing that the coronavirus crisis could cause a double dip recession, that the recession could end up looking like a roller coaster of ups and downs. The upsurge in virus cases is eroding consumer confidence and leading to renewed limits on certain businesses. Economic recovery can bloom then fade away only to repeat again. Some economic factors point to a recovery, yet others point downwards, with the picture further complicated by the ‘what ifs’ of the coronavirus and just how it will play out, where a second wave of the virus could be just as economically disruptive as the first one, maybe even more so. Additionally, a significant portion of the economy has been destroyed. Half the businesses in America are small businesses and at the start of the crisis, about half of those had cash reserves of just fifteen days or less . . . meaning by now they have gone bust! No one knows what the repercussion from such massive losses of business will ultimately have on the economy in general.
3) Mechanical breakdown insurance, which isn’t an extended warranty, but rather is insurance that pays for mechanical auto repairs of a car’s power train, much as accident insurance pays for the repair of body damage. It will have some amount for a deductible, then pays the remainder of a mechanic’s bill for repair, both labor and parts. Usually, any mechanic can be used. Most major insurance companies who offer auto insurance will also offer breakdown insurance too. Prices range from $20 to $100 a year.
4) Stock market closings for – 11 SEP 20:
Dow 27,665.64 up 131.06 Nasdaq 10,853.54 down 66.05 S&P 500 3,340.97 up 1.78
1) The auto industry, already reeling from the new car shutdown and depressed demand, is now concerned about a possible used car price collapse, which could have far reaching effects across the economy. The used vehicle auctions are now virtually paralyzed, the same as the rest of the country, with vehicles piling up at places where buyers and sellers bid on cars and trucks, a situation which cannot go on for months. This is creating a huge level of wholesale supply in the market as inventories continue to expand. This will cause fiscal problems for in-house lending divisions, lease contracts and car rental companies from falling car values. Used car sales fell 64% in the last week of March with prices falling an estimated 10%. The auto makers credit companies are taking huge losses and looking for ways to take advantage of asset backed securities market. With car rentals way down, rental companies are fearful of having to raise cash by selling off inventory when prices are way down.
2) Mr. Neel Kashkari, the head of the Federal Reserve Bank of Minneapolis, was on ‘Face the Nation’ television show last Sunday, considers the U.S. may be facing an 18 month shutdown based on what is happening in other countries. Fearing flare-ups, America may face shutdowns until an effective vaccine or therapy is found.
3) Economists fear poor recovery, with high unemployment through 2021, despite the trillions of dollars in cash and loans from the Federal Reserve. Nevertheless, the massive effort is likely to leave millions of additional Americans unemployed for an extended time with unemployment not just spiking, but remaining for the next year. Unemployment may jump up to 20% in the coming months then coming down into the single digit range. It’s expected that a lot of people will not be getting their jobs back as the economy shifts and reforms itself. The more specialized a design, the more brittle it is.
4) Stock market closings for – 13 APR 20:
Dow 23,390.77 down 328.60 Nasdaq 8,192.42 up 38.85 S&P 500 2,761.63 down 28.19
1) Early estimates for the cost of the left’s proposed Green New Deal are $93 trillion dollars, an amount that is four times the present National Debt. This translates into about $650,000 dollars for each person in America. The present National Debt is $22 trillion dollars, with many fearing the debt is already a danger for America’s future viability. The study also refuted claims of the Green New Deal being an investment in America’s future, that the savings would pale in comparison to investment.
2) Lyft, a ride sharing app much like Uber, has filed for an IPO. Some are claiming we’re in an end game for automobiles, that car ownership is on the decline. Car ownership is becoming too expensive for people, so it is shifting from private car ownership to ‘Transportation as a Service’ spurred by the upcoming self driving cars.
3) Congress will soon be facing the budget problem again. With the National Debt now at $22 trillion dollars and the debt ceiling reinstated this last Saturday, this promises to be another major contentious issue for the congress to fight over. Estimates are that the US will add another $12.2 trillion dollars in the next ten years.
4) 1 MAR 19 Stock market closings:
Dow 26,026.32 up 110.32 Nasdaq 7,595.35 up 62.82 S&P 500 2,803.69 up 19.20
Uber has hired two top female executives because of the arising sexual harassment claims that has hit the expanding technology company.
Bozoma St. John and Frances Frei have been hired to try to bring a more productive and diverse female workforce to the giant tech company. Bozoma a former marketing and brand executive at Apple Music, will oversee marketing and branding at Uber as Chief Branding Officer; while Frei who was previously senior associate dean and professor of executive education at Harvard, will be Uber’s Senior Vice President of Strategy.
Both women bring a plethora of experience and knowledge to their respective positions, and Uber utilizing both individuals helps the company with a formal image problem that has been tainting the company with their female workforce. The hires allows Uber to mitigate and develop a consensus of opportunities for their women demographic at the workplace. A demographic that Uber has been battling for quite some time now. -SB
Luxury car maker Daimler AG (Mercedes Benz) is relocating down to Atlanta. The US headquarters in New Jersey will no more be in existence.
Executives and management indicated that the shift was provided because of lower costs, the tax breaks they would receive and the close proximity to their southern car plants which is located in the state of Alabama.
The shifting of personnel is expected to occur in July 2015, which will include 1,000 personnel movint to the suburbs of Atlanta. Executives @ Daimler AG also indicated that the relocation made sense because of the dynamic presence of the south currently and the infrastructure renovation that Atlanta has be going through in the last few years, made the decision much easier to relocate US operations down south