Daily Briefing – 180

Post: Oct. 28, 2020

Orange to Orange – NYS COVID and Micro Cluster Update

Governor Cuomo held a phone call briefing detailing New York’s COVID-19 tracking data from Monday, October 26th. The “red zone” in Orange County will be changed to an “orange zone” as a result of the progress made reducing the COVID-19 infection rate from 12 to 2 percent. The “yellow zone” in Orange County will continue. While other “micro-clusters” have experienced decreased positivity rates, no changes will be made to those ‘micro-clusters’ at this time. The State will reevaluate the data next week.

Tracking data for the hotspots and the rest of the State are below.

20 hotspot zip codes: 3.8%
Orange Hot Zone: 2.38%
Rockland Hot Zone: 4.34%
Statewide: 1.5%
Statewide excluding hotspots: 1.3%
Statewide hospitalizations: 1,085 (236 in ICU)

Here are some useful websites:

Other News From the Governor’s Briefing

TRAVEL ADVISORY: In response to increasing positivity rates across the nation, New York will adjust the metric for states to be included in the travel advisory requiring quarantine protocols upon entering New York. The Governor stated there is currently no travel ban, just quarantine protocols from states with high positivity rates.
THANKSGIVING: The State will not place additional restrictions on Thanksgiving gatherings, but Governor Cuomo offered his personal opinion that people should not congregate with extended families for Thanksgiving. There have been outbreaks stemming from small gatherings, including weddings, churches, and birthday parties. The Governor believes a small Thanksgiving gathering could result in dozens of new cases.
MASKS IN SCHOOLS: In response to an inquiry from Westchester County Executive George Latimer, the State will allow local governments to impose mask mandates on students in schools

Read the press release

Here’s Why Coronavirus Infection Rates Are Rising as ‘Positivity’ Stays Stable

The Empire Center’s Bill Hammond writes that a growing disconnect between two coronavirus benchmarks – the positivity rate and the infection rate – is stirring confusion about New York’s pandemic outlook.

The first rate is staying relatively low and stable, and that’s the one primarily featured by Governor Cuomo in his daily status reports. The second rate has doubled over the past month to its highest level since May – a clear sign that New York’s pandemic is far from fully controlled.

Germany to Shut Restaurants, Bars to Combat Coronavirus Spread – France’s Macron Announces New National Lockdown Starting Friday

The premiers of Germany’s 16 states, which are in charge of pandemic management, agreed to shut restaurants, bars, fitness studios, concert halls and theaters from Nov. 2 as part of a plan to stop infections from climbing. Hotels will only be allowed to host business travelers until the end of the month. The premiers also decided to limit gatherings in public to 10 people from two households.

French President Emmanuel Macron announced a partial lockdown of France’s economy in a sign of how Europe’s strategy for containing the coronavirus has buckled under the pressure of mounting cases and deaths. Mr. Macron said he was ordering the closure of bars and restaurants, starting Friday, as part of an effort to apply a “brutal break” to the spread of the virus. “The new wave will be stronger and deadlier,” Mr. Macron said, adding that the virus was spreading faster “than even the most pessimistic forecasts.”

S&P 500, Dow Sink to Late-Sept Lows on Virus Woes

The S&P 500 and the Dow hit their lowest levels since late-September on Wednesday as coronavirus cases surged globally and fears of a contested U.S. presidential election next week added to worries. Shares of hotels, airlines and other companies sensitive to COVID-19-related curbs fell with Wynn Resorts down 3.6% and the S&P 1500 airlines index declining 3.4%. The energy index fell as oil prices tumbled on fears of lower fuel demand.

New cases and hospitalizations set records in the U.S. Midwest, while concerns rose over a national lockdown in France and tighter restrictions in Germany. A spiraling pandemic and a failure to reach a deal on a fresh round of U.S. fiscal stimulus before the Nov. 3 election have put the blue-chip Dow and the benchmark S&P 500 on track to erase their gains for October.

Companies Plan to Continue Shifting Supply Chains Out of China

Companies plan to continue shifting supply chains out of China, regardless of who wins the Nov. 3 presidential election, according to Tim Ryan, the chair of PwC U.S. The issue came into focus in response to President Donald Trump’s trade war with China, but it only gained importance across corporate America due to the coronavirus pandemic, Ryan said in a “Closing Bell” interview, drawing on findings from a recent survey conducted by the powerhouse accounting firm.

The beneficiaries of exits from China, home to the world’s second-largest economy, are likely to be countries in Southeast Asia, Mexico and the United States, according to Ryan.

Boeing Sees Q3 Earnings Improvement But Warns on Layoffs

Boeing (BA) on Wednesday reported narrower-than-expected losses and higher revenue during the third quarter, yet the dual crises stemming from the COVID-19 pandemic and its idled 737 MAX flagship are likely to lead to deep layoffs, the company warned.

Here are key metrics from the report, versus what Wall Street was expecting, according to a consensus forecast compiled by Bloomberg:

Revenue: $14.1 billion vs $13.84 billion expected
Adjusted loss per share: $1.39 cents vs $2.384 expected
GAAP share loss: 79 cents vs. $1.588 expected
Operating cash flow: -$4.82 billion

In its earnings report, the company said it continued to make “steady progress” on getting the flagship plane back in the air. Still, Boeing warned that efforts to reshape the company would lead to lower headcount, as the coronavirus and grounded plane “significantly impacted” the bottom line.

Report: Job Seekers Change Careers, Relocate

Many job seekers are changing fields to obtain work, according to Challenger. This may stem from certain industries being economically impacted more than others, such as tourism. But adequate skill sets remain a hurdle. A May 28 survey by LiveCareer found that more than half (57%) of those recently unemployed could not identify transferable skills and 58% were unsure how to communicate transferable skills on a resume. About 58% of those surveyed said they lacked confidence in finding new jobs with their current skill sets.

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