Daily Briefing – 280

Final Thoughts on the $212 Billion New York State Spending Plan From MACNY and the Manufacturing Alliance 

Both Houses of the New York State Legislature have finalized and passed a 2021-22 State Budget. The budget agreement was reached between the Legislature and Governor Cuomo earlier this week. The $212 billion spending plan includes $5.5 billion in federal aid. 

We are very thankful that the State Senate restored funding of our apprenticeship program (MIAP) in its one-house budget resolution, and that this funding was included in the final state budget agreement. And while we and the business community oppose the budget’s temporary corporate tax increase, we are relieved that state legislators heard our pleas to have qualified manufacturers remain exempt. 


NYS Vaccine Update – 11 Million Doses Delivered

As of 11 am Thursday 7,015,8313 (plus 143,968 from a day earlier) New Yorkers have received at least one vaccine dose and 4,452,131 are fully vaccinated (Plus 112,718).  In the Hudson Valley 727,384 (plus 18,638) have at least one dose and 424,308 (plus 14,128) are fully vaccinated. 


COVID Update

Governor Cuomo issues a press release yesterday afternoon with data through Wednesday April 7th.  There were 47 COVID related deaths for a total of 40,970.

Hospitalization tracking data for the Mid-Hudson region and the rest of the State are below.  

Hospitalizations

  • Patients Currently in Hospital statewide: 4,422
  • Hospitalizations Mid-Hudson Region: 518

ICU Beds In Use (All Uses)

  • Occupied ICU Beds Statewide: 4,296
  • Occupied ICU Beds Mid-Hudson Region: 419

Other Data

  • Statewide Positivity Rate: 3.40%
  • Mid-Hudson Positivity Rate: 4.14%

Useful Websites:


US Vaccine Rollout – A Quarter of US Adults Are Fully Vaccinated

As of Wed. April 7, 110 million Americans—roughly a third of the population, and 42.4% of adults, had received at least one dose of a COVID vaccine, according to data from the Centers for Disease Control and Prevention.  That number is up from 97.6 million people last Wednesday; on average, the U.S. administered more than 3 million doses daily in the past week.

Nearly a quarter of all adults, a total of 64.3 million, and 57.4% of Americans over the age of 65, have been fully vaccinated. The vast majority of vaccinated individuals received one of the two-dose Pfizer or Moderna mRNA vaccines; about 4.5 million Americans have received the one-shot product developed by Johnson & Johnson.

Read more and view the tracker at Fortune


“In Rare Instances” – AstraZeneca’s Vaccine Linked to Blood Clots, Regulators Say

he European Medicines Agency has concluded there is a link between AstraZeneca’s Covid-19 vaccine and “very rare” but dangerous clotting events reported in a number of countries where the vaccine has been used, events which in some cases have been fatal. A safety committee, the agency said Wednesday, concluded that “unusual blood clots with low blood platelets should be listed as very rare side effects” of the vaccine.

Regulators stressed that the benefits of the vaccine, which was shown to be 76% effective at preventing Covid infections in a large U.S.-based study, still outweigh its risks. “This vaccine has proven to be highly effective to prevent severe disease and hospitalization,” said Emer Cooke, the EMA’s executive director. “And it is saving lives.”

Read more at Statnews


India Could Resume Vaccine Exports by June

The Serum Institute of India, the world’s largest vaccine-maker, will resume vaccine exports in June if infections in its home country fall. The company paused foreign shipments of the Oxford/AstraZeneca vaccine last month as covid-19 cases in India rocketed. India recorded more than 126,000 new infections on Wednesday, the most yet in a single day.

Read more at the AP


NAM Study—Tax Increases Will Cost 1 Million Jobs in Two Years

Tax increases under consideration in Congress would cost 1 million jobs two years following their implementation, according to a new study published by the National Association of Manufacturers.

The study found that proposed tax increases would cause a loss of an average of 600,000 jobs each year over the next decade, while reducing Gross Domestic Product (GDP) by hundreds of billions of dollars. The study comes as talk of reversing portions of the 2017 Tax Cuts and Jobs Act heats up in Washington. That legislation, which was supported by manufacturers and organizations across
the business community, was like rocket fuel for manufacturers in the U.S., prompting companies to create jobs, increase wages and benefits and invest in local communities. In 2018, manufacturers created 263,000 jobs — the best year for job creation in two decades.

Read the study at the NAM site


Amazon Takes Commanding Lead in Union Vote at Alabama Warehouse

With about half the ballots counted Thursday evening, Amazon held a commanding lead in the historic union election at one of its Alabama warehouses. Out of the 3,215 ballots cast, there were 1,100 votes against unionization and 463 votes in support. The preliminary results put Amazon ahead by more than a 2-1 margin.
 
Counting will resume on Friday, when the National Labor Relations Board will have more than a thousand ballots left to count. There are also hundreds of contested ballots, most of which were challenged by Amazon.
 

744,000 Americans Filed New Claims Last Week

New weekly jobless claims unexpectedly held above 700,000 last week to extend a rise from late March, despite other signs that rehiring has been taking place across the recovering economy. New weekly jobless claims data have generally been following a downtrend over the course of 2021, though they still remain elevated relative to historical trends. Here were the main metrics from the report, compared to consensus data compiled by Bloomberg:

  • Initial jobless claims, week ended April 3: 744,000 vs. 680,000 expected and a revised 728,000 during the prior week
  • Continuing claims, week ended March 27: 3.734 million vs. 3.638 million expected and a revised 3.750 million during the prior week

Read more at Yahoo Finance


Biden Rule on Covid-19 Workplace Safety Misses Deadline

The Occupational Safety and Health Administration has yet to act on an emergency temporary standard that President Biden directed the agency to consider by March 15. The directive, issued as one of Mr. Biden’s first actions after taking office, could require employers to develop mandates on masks, physical distancing and air ventilation. The Centers for Disease Control and Prevention currently provides guidelines on these measures, but they aren’t mandatory.

Labor Secretary Marty Walsh “reviewed the materials, and determined that they should be updated to reflect the latest scientific analysis of the state of the disease,” a Labor Department spokeswoman said. “He has ordered a rapid update based on CDC analysis and the latest information regarding the state of vaccinations and the variants. He believes this is the best way to proceed.”

Read more at the WSJ


Fed Minutes Show Expectations for Stronger Economic Recovery

Recent weeks have brought a steady stream of encouraging signs for the economy. One-third of the U.S. population has received at least one dose of a Covid-19 vaccine, a ratio that should rise to 75%Hiring surged in March and unemployment fell, trends that are expected to continue in the months ahead as more businesses reopen to full capacity and consumers return to restaurants, airports and entertainment venues.

While some Fed officials said the scenario could drive employment and spending up faster than anticipated, most didn’t see an outsize risk of inflation becoming a The central bankers want to see more improvement before they dial back the easy-money policies implemented early last year to counter the pandemic’s economic fallout.

Read more at the WSJ


Chip Shortage Could Cut US Vehicle Production by More than a Million, AAI Warns

The shortfall in semiconductor availability could stall U.S. vehicle production by as many as 1.27 million vehicles in 2021, says the Alliance for Automotive Innovation. In a letter to the Commerce Department, John Bozzella, CEO of the AAI, said that a recent survey of AAI member companies produced the figure. The AAI represents almost 99% of all manufacturers who sell cars and light trucks in the U.S.

“The chips that are generally used in vehicles are not the same chips used in consumer electronics devices,” explained Bozzella. But semiconductor foundries are costly to run and maintain, and computer chip manufacturers commonly operate on contracts to keep production running as consistently as possible. When automotive factories shut down in 2020, the foundries changed their production lines to adapt to the whipsaw in demand.

Read more at IndustryWeek


 

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