1) The renowned Mall of America announced plans to lay off and furlough hundreds of employees. Located in Bloomington, Minn. the shopping center will permanently lay off 211 workers across various departments at the end of the month with an additional 178 workers to remain on furlough beyond the end of September. The Mall employs about 1,000 workers. Like most other malls in America, the Mall of America has suffered severely from the pandemic and need for social distancing. The malls across America have suffered a decline in recent years as people’s shopping habits and revenues decline. The Mall of America has been delinquent on its $1.4 billion dollar mortgage for May, June and July, and in turn some of its 500 retail tenants are unable to pay rent or having skip out on lease obligations.
2) Federal report warns of the threat from climate change to the economy. The report considers there are consequences that can create chaos in the financial system and disrupt the American economy. It’s considered that climate change poses a major risk to the stability of the U.S. financial system to sustain the American economy, that jobs, income and opportunity are at stake. This is just another indication of the increasing difficulty and expense of keeping individuals in a high technology society. The report makes 53 recommendations for dealing with the climate risks.
3) With the start up of college and return to campus life, there has been a sharp increase in coronavirus cases stemming from universities. For instance, the University of Tennessee has more than 2,100 students and staff members quarantined for Covid-19. As of Monday the university has 600 active cases of Covid-19. Of the 2,100 quarantined cases, about half are on-campus students and the other half off-campus. The surge is blamed on reckless behavior by a small portion of the students, especially traditional college parties with close personal contact. Many other American universities are having similar experience such as the University of Notre Dame, and North Carolina State. Some universities have implemented curfews, restrictions on visitors and even lockdowns of fraternities and sororities.
4) Stock market closings for – 9 SEP 20:
Dow 27,940.47 up 439.58 Nasdaq 11,141.56 up 293.87 S&P 500 3,398.96 up 67.12
1) One developing economic crisis from the coronavirus is non-payment of rents. Renters tend to have less cash reserves than home owners, and for those renters not working, a large number will not be able to pay their monthly rent. Many are calling for the federal government to suspend rent payments until the crises is over, while others are calling for a rent boycotts to force landlords into accommodations. A wave of evictions could cause large numbers of people to fall below the poverty line, and worst yet greatly increase the number of homeless Americans.
2) Tuesday, President Trump warned of a very painful next two weeks, with projections of 100,000 to as much as 240,000 coronavirus deaths in the U.S. The news caused another shock to the markets with stocks again dropping shapely. With tremendous uncertainty, the markets are very unstable and therefore subject to sharp up and down swings. Both the Dow and S & P have had their worst first quarter in history. Oil too, continues with its low prices making for its worst month and quarter in history from both the coronavirus shutdown and the Saudi Arabia-Russia price war.
3) With the sudden surge in coronavirus patients, hospitals around America are running low on drugs needed to treat those patients. Some of the drugs are officially in shortage, with use of others skyrocketing and expected to quickly become into short supply. Also in short supply are antibiotics like azithromycind and antivirals like chloroquine and hydroxychloroquine. Other drugs associated with patients using ventilators are quickly becoming scarce. Non prescription drugs such as vitamin C have seen a sharp increase in purchases.
4) Stock market closings for – 1 APR 20:
Dow 20,943.51 down 973.65 Nasdaq 7,360.58 down 339.52 S&P 500 2,470.50 down 114.09
Certain studies have indicated there seems to be disparities between hourly wage jobs and workers who work on the clock hourly. Certain contributions can be urban development in metropolis cities, need for more experienced workers in certain job fields, and growth in urban environments.
In a study by Urban Institute and reported by Yahoo Finance. Affordable housing is hard to come by to hourly wage workers, and gentrification in major metropolis urban areas such as NYC, San Francisco, Los Angeles, Boston, are making it harder for hourly workers to make any sort of living, the Urban Institute provides.
Housing development in major cities tend to be way more in rentals, then in smaller cities or rural areas but conflicting accounts tend to point any one direction? As in regards to the root of the problem. Noone has figured it out yet, whether it’s local politicians to the the developers themselves… Answers have not been provided to address the problem as whole. So this “everybody for themselves mentality” is dictated for survival to many who work hourly wages. -SB
Credit:Urban Institute Study: https://www.urban.org/features/too-far-jobs-spatial-mismatch-and-hourly-workers