Daily Briefing – 108
Cuomo Reports on Virus Progress
Governor Cuomo today provided an update (via press release) on the state’s progress during the ongoing COVID-19 pandemic. The number of new cases, percentage of tests that were positive and many other helpful data points are always available at the Forward NY website The dashboard remains a valuable resource for those tracking the spread of the virus in New York, and the metrics for the reopening including schools.
Unemployment Extension Takes Shape
The White House has signaled that it may agree to extend unemployment benefits for those affected by COVID-19, as the federal program approaches its expiration date.
In less than two weeks, the federal program that provides a $600-per-week increase to unemployment benefits will expire. Many economists warn the disappearance of this enormous federal stimulus, created in March, could hinder the economic recovery and deprive millions of Americans of a vital financial lifeline. There are still 1.6 million fewer job openings than there were in February—although they rose slightly in May—raising the question of whether many Americans have a job to return to.
Trump administration officials have begun opening the door to accepting a narrower version of what Congress previously approved.
Moderna Reported Positive Results In Early Trial Vaccine
The company said that an early trial of its experimental covid-19 vaccine produced a “robust” antibody response in each of the 45 volunteers who took it. Some experienced side effects; a much larger trial later this month should determine whether regulators can approve it.
The study, which was run by the National Institutes of Health, showed that volunteers who received the vaccine made more neutralizing antibodies than have been seen in most patients who have recovered from Covid-19. But a second injection, four weeks after the first, was required before the vaccine produced a dramatic immune response.
Fed: June Manufacturing Production Up 7.2%
The Federal Reserve says a 7.2% gain in manufacturing output powered a 5.4% increase in US industrial production in June. Factory output remains 11.1% lower than pre-pandemic levels. “The road to a full recovery will be much slower compared to the initial strong bounce of the past two months that was prompted by the relaxation of social distancing measures,” Oren Klachkin and Gregory Daco of Oxford Economics wrote in a research note. “The virus’ resurgence in many states in recent weeks has already led to the re-imposition of social distancing measures that will drag on the recovery and bolster already significant headwinds facing the industrial sector.″
Empire State Manufacturing Survey July 2020: Some Positive Signs
Business activity increased in New York State for the first time in several months.
- The headline general business conditions index rose to 17.2, its first positive reading since February.
- New orders and shipments also increased, and unfilled orders were steady.
- Delivery times were somewhat longer, and inventories declined.
- Employment levels and the average workweek were little changed.
- Input price increases were not much different than last month, while selling prices edged lower.
- Firms remained optimistic about the six-month outlook, though less so than in June.
Trump Administration Rescinds Controversial Rule on Foreign Students
In a surprise announcement, District Judge Allison D. Burroughs, U.S. District Court for the District of Massachusetts, announced a reversal of the government decision that was announced just last week regarding students in F-1 or M-1 nonimmigrant status. Foreign students will now be able to enter the United States and remain even if they are only taking online courses. The government agreed to resume the flexibility it had announced in March when COVID-19 forced most colleges and universities to go online.
Top 10 Resources on Safely Returning to Work
In an effort to help you plan the best ways to safely return to work, Domo has compiled a list of 10 invaluable resources that provide the latest guidance and thinking about employee safety, the evolution of the workplace, and new strategies that businesses may need to consider. From Hygiene guidelines to Board responsibilities this is a terrific list of resources.
