The "Re-Opening" the Economy Thread

[CousinsCowgirl84]

looking like a red October....

[PokerPacker]

14 hours ago, EmirOfShmo said:

I was shocked at first when I saw this. But then I thought of all of the restaurants, hotels, resorts, cruise ships, airports, etc. that are shutdown and it made sense. 

MORE THAN HALF A MILLION JOBS IN US BEER INDUSTRY ‘WILL BE LOST’ BY 2021

A report commissioned by John Dunham Associates claims that 651,000 jobs in brewing, distributing and retail “will be lost by the end of the year”, while overall beer sales could fall by as much as US$22 billion by the end of 2020.

Brewing roles are expected to be the hardest hit, with the report warning 3,600 brewers could lose their jobs by year end.

“The beer industry has seen a dramatic decline both in sales and jobs that rely on our nation’s most popular alcohol beverage,” said Jim McGreevy, president and CEO of the Beer Institute.

 

https://www.thedrinksbusiness.com/2020/09/more-than-half-a-million-jobs-in-brewing-will-be-lost-by-2021/

Let's all do our patriotic duty.

[China]

On 9/30/2020 at 8:57 AM, EmirOfShmo said:

I was shocked at first when I saw this. But then I thought of all of the restaurants, hotels, resorts, cruise ships, airports, etc. that are shutdown and it made sense. 

MORE THAN HALF A MILLION JOBS IN US BEER INDUSTRY ‘WILL BE LOST’ BY 2021

 

 

Speaking of cruise ships...

 

The covid cruise ship graveyard: Passenger liners are stripped for scrap at Turkish dock after the multi-billion pound industry was smashed by the coronavirus crisis

 

Cruise ships from Britain and the United States are being scrapped at a Turkish dock after the multi-billion pound industry was smashed by the coronavirus crisis.

 

The coronavirus cruise liner graveyard at the port in Aliaga, a town 30 miles north of Izmir on Turkey's west coast, bustled with work again on Friday as scrapyard workers stripped walls, windows and railings from five vessels.  

 

Cruise ships were home to the some of the earliest clusters of COVID-19 as the pandemic spread globally early this year.

 

 

 

One of the ships is the Carnival Fantasy, a vessel which took her maiden voyage in 1990, and was operated by Carnival Cruise Line. In July, Carnival Corporation's CEO revealed that it would remove 13 ships from its fleets in 2020.

 

Click on the link for the full article

[skinsmarydu]

Wow, didn't even bother to dock em, looks like they just floated in & crashed into each other. 

Funny & sad at the same time. 

[China]

4 hours ago, skinsmarydu said:

Wow, didn't even bother to dock em, looks like they just floated in & crashed into each other. 

Funny & sad at the same time. 

 

Easier to take apart when they're not on the water.  Here's the video of when they beached the Carnival Fantasy:

 

 

 

Edit:  And just for fun, here are a few more:

 

 

Edited October 4, 2020 by China

[EmirOfShmo]

Also, just read Regal Cinemas are temporarily closing all US & UK locations on Thursday - 45,000 people out of work. I didn't see a timeline for a re-opening. 

America’s permanent job losses continue to rise

The light is dimming for one of the few glimmers of hope amid the Covid-19 economic crisis.

When the economy started shutting down during the early phases of the coronavirus pandemic in March, economists argued that the bulk of the job losses would be temporary as these workers would be recalled once businesses were cleared to reopen. Indeed, the economy has experienced a partial snapback from the depths of the crisis.

But seven months later, many businesses remain closed. Many have gone bankrupt. And the effects of the prolonged economic pause are rippling out in the form of real economic pain.

In the U.S. payrolls report released on Friday, we learned that 3.75 million American workers identified as “permanent job losers” in September, up from 3.41 million from the previous month and 1.28 million back in February before the lockdowns. Meanwhile, those on “temporary layoff” fell to 4.64 million in September, down from 6.16 million in August and 18.06 million in April when the measure peaked.

“One of the less encouraging details was the continued grind higher in the number of unemployed persons classified as permanent job losers,” JPMorgan economist Michael Feroli said on Friday.

 

https://news.yahoo.com/economy-temporary-layoff-permanent-job-loss-morning-brief-095426627.html

 

[Larry]

Sure glad the GOP prevented the US from subsidizing people's quarantines like other developed countries did.  

 

[Larry]

Was just in the car.  Heard today's segment of "Marketplace" on NPR.  Some comments on our COVID economy that I got from it.  

 

They surveyed a bunch of supposed economic experts on when they thought US GDP would return to what it was before the collapse.  They got pretty much equal votes for 2nd half 2121, 1st half 2022, and 2nd half 2022.  

 

(I observe that in W's crash, GDP got back to where it was after one year.  But it was 5 more before employment got back.)

 

They pointed out that at least some of the impact of the virus may be permanent.  The virus forced a lot of businesses to move online, and they might not come back.  

 

They pointed out that one possible large example of this might be cinema.  America's largest theater chain, Regal, announced that they were closing nationwide, due to lack of content to show.  But they pointed out, Disney went straight to streaming with their new Mulan, and got pretty much the same money they expected to get from theaters.  The content producers don't need theaters.  

 

And they mentioned that the market for luxury watches is already back to pre-COVID levels.  That the rich are getting richer and the poor are getting poorer, and the rich have already recovered from COVID.  They mentioned that according to the Swiss Watch industry, exports of watches costing $3,000 and up are back to pre-COVID levels.  

 

[China]

Halloween shops seeing little demand for costumes: ‘I’ve never been this worried’

 

This was supposed to be the biggest Halloween of Lorenzo Caltagirone’s career.

 

For the first time in 95 years, it would fall on both a full moon and a Saturday — an equation that normally would mean big profits for his Virginia costume shop. Instead, sales are down 80 percent and he is running low on cash.

 

“I’ve never been this worried before,” said Caltagirone, who opened his Virginia store in 2007, just before the last recession and says his store is barely hanging on. “After all these years of business, this Halloween could actually be the one that puts me out.”

 

Costume shops, party stores and seasonal pop-ups that rely on Halloween for the bulk of their profits say they’re bracing for a steep drop-off in sales that could tip them into insolvency. Halloween spending is expected to fall 8 percent, to $8.05 billion, with costume sales accounting for much of the decline, according to the National Retail Federation.

 

Click on the link for the full article

[Mr. Sinister]

I feel bad for the folks that run a lot of the haunted houses events across the US. Really good people, that put their heart and soul into that stuff. It sucks, man. 

[PokerPacker]

It was one thing to take Summer from us, but ruining Halloween is unforgivable.  Let's put an end to this corona menace.

[Cooked Crack]

 

 

[Barry.Randolphe]

^ What. In. The. Hell?!

[China]

Just now, Barry.Randolphe said:

^ What. In. The. Hell?!

 

DeSantis is a dangerous moron on par with Trump.

[China]

On 10/6/2020 at 1:43 AM, PokerPacker said:

It was one thing to take Summer from us, but ruining Halloween is unforgivable.  Let's put an end to this corona menace.

 

Some 2020 Halloween costume ideas:

 

Sexy Covid-19:

 

Sexy Hand Sanitizer:

 

Sexy Mail-in Ballot:

 

Sexy Murder Hornet:

 

Sexy Postal Worker:

 

Sexy Firefighter:

 

 

[PokerPacker]

2 hours ago, China said:

Some 2020 Halloween costume ideas:

 

Sexy Covid-19:

She can give me a disease any day.

 

2 hours ago, China said:

Sexy Hand Sanitizer:

I'm such a dirty boy.  I need to be cleaned.

 

2 hours ago, China said:

Sexy Mail-in Ballot:

She's got my vote.

 

2 hours ago, China said:

Sexy Murder Hornet:

You sting me, I sting you.  With my ****.

 

2 hours ago, China said:

Sexy Postal Worker:

I have a package for you to handle.

 

2 hours ago, China said:

Sexy Firefighter:

My fire hose is at the ready.

[EmirOfShmo]

Jobless claims: Another 840,000 Americans filed new unemployment claims last week

 

U.S. states saw another 840,000 jobless claims filed last week, as the number of Americans applying for first-time unemployment insurance benefits each week continues to hover at a historically high level. The U.S. Department of Labor (DOL) released its weekly jobless claims report at 8:30 a.m. ET Thursday. Here were the main metrics from the report, compared to Bloomberg estimates:

 

Initial jobless claims, week ended Oct. 3: 840,000 vs. 820,000 expected and 849,000 during the prior week

 

Continuing claims, week ended Sept. 26: 10.976 million vs. 11.4 million expected and 11.979 million during the prior week

 

https://finance.yahoo.com/news/jobless-claims-coronavirus-unemployment-week-ended-october-3-2020-164918818.html

 

[EmirOfShmo]

My highlight about California. Obviously impacts the numbers being reported. 

 

Jobless claims: Another 898,000 Americans filed new unemployment claims last week

 

U.S. states saw another 898,000 Americans file first-time unemployment insurance claims last week, representing an unexpected rise in new claims with the pandemic still under way and another round of fiscal stimulus still out of reach.

The U.S. Department of Labor (DOL) released its weekly jobless claims report at 8:30 a.m. ET Thursday. Here were the main metrics from the report, compared to Bloomberg estimates:

• Initial jobless claims, week ended Oct. 10: 898,000 vs. 825,000 expected and 845,000 during the prior week
• Continuing jobless claims, week ended Oct. 3: 10.018 million vs. 10.550 million expected and 11.183 million during the prior week

Jobless claims rose by 53,000 last week, ending what had been a four-week streak of improvements in the number of new claims.

At 898,000, the sum represented the seventh straight week that initial claims came in below the 1 million mark. However, new claims have held stubbornly above 800,000 for as many weeks, with a steady stream of new layoffs continuing to weigh on the economic recovery.

...

But other data underscored the ongoing strain on the labor market: unadjusted claims for Pandemic Emergency Unemployment Compensation jumped by more than 818,000 to 2.78 million for the week ended September 26, marking a surge in those who had exhausted state aid and moved to claim the federal program’s additional 13 weeks of benefits.

 

The jump in headline new jobless claims came even as California, the most populous state, continued with a pause in reporting new unadjusted claims to the national total, and again reported claims at its mid-September level. The state said earlier this month that it was temporarily halting processing initial claims to “reduce its claims processing backlog and implement fraud prevention technology,” according to a Labor Department’s statement.

 

https://ca.finance.yahoo.com/news/jobless-claims-coronavirus-unemployment-week-ended-october-10-2020-183353138.html

[Corcaigh]

On 10/6/2020 at 12:25 AM, Mr. Sinister said:

I feel bad for the folks that run a lot of the haunted houses events across the US. Really good people, that put their heart and soul into that stuff. It sucks, man. 

There are so many amateurs who put their heart and soul into events that have been cancelled. In a couple of amateur sports I’m connected with the world masters championships have been cancelled involving many, many volunteers giving up their time over several years in planning and logistics, and all for nothing, as in some cases rescheduling isn’t possible. 

[China]

South Dakota Unveils New ‘Come Die Here’ Tourism Campaign

 

PIERRE, SD—In an effort to attract visitors to a state that is home to some of the worst Covid-19 infection rates in the world, South Dakota officials launched a new tourism initiative Friday that will be centered around the slogan “Come Die Here.” “For years, people have flocked here to see Mount Rushmore, but now South Dakota is also a great place to just come and die,” said Gov. Kristi Noem in a prepared statement, which touted the dwindling availability of ICU beds, lack of a statewide mask mandate, and opportunity to take one’s last, fluid-filled breaths amidst the scenic backdrop of Badlands National Park.

 

Click on the link for more

[GoCommiesGo]

I don’t know if this is the right place for this. 
 

I was killing some time yesterday with my son and we drove to the Toyota dealership to look at some pickups. The Tundra and Tacoma both had market adjustments of $10k and $5k over sticker respectively. The Tundra stickers at 51k and with the adjustment was 61k.  
 

I’ve owned 26 cars and this completely blew my mind, I’ve never seen a non special edition sports car have a market adjustment near 20%. I’m not sure if this is just specific to my area and lack of inventory or what. Either way it was just really surprising. 

[BatteredFanSyndrome]

1 hour ago, GoSkinsGo said:

I don’t know if this is the right place for this. 
 

I was killing some time yesterday with my son and we drove to the Toyota dealership to look at some pickups. The Tundra and Tacoma both had market adjustments of $10k and $5k over sticker respectively. The Tundra stickers at 51k and with the adjustment was 61k.  
 

I’ve owned 26 cars and this completely blew my mind, I’ve never seen a non special edition sports car have a market adjustment near 20%. I’m not sure if this is just specific to my area and lack of inventory or what. Either way it was just really surprising. 

Going into this pandemic back in March, I naively expected the 'bottom to fall out' and get a new truck for the low sometime this year.  It couldn't be further from that.  Used vehicles with 30k miles now sell for more than what they did 8 months ago.  I've also noticed way less incentives to purchase new vehicles, ultimately making them more expensive than they were pre-pandemic as well.  This is the first I've heard of market adjustments bumping prices to over the sticker price, but it doesn't surprise me.  I understand that with factories having been shutdown, it's decreased the inventory - but 20% markup on sticker is insane.  I'd hold tight, as there is no way that is sustainable. 

[GoCommiesGo]

1 hour ago, BatteredFanSyndrome said:

Going into this pandemic back in March, I naively expected the 'bottom to fall out' and get a new truck for the low sometime this year.  It couldn't be further from that.  Used vehicles with 30k miles now sell for more than what they did 8 months ago.  I've also noticed way less incentives to purchase new vehicles, ultimately making them more expensive than they were pre-pandemic as well.  This is the first I've heard of market adjustments bumping prices to over the sticker price, but it doesn't surprise me.  I understand that with factories having been shutdown, it's decreased the inventory - but 20% markup on sticker is insane.  I'd hold tight, as there is no way that is sustainable. 

That was my thoughts also. I’ve been watching the used car market and thought their must be some incentives to buy new. 
 

Man was I wrong. I only looked at the Toyota stuff yesterday but I’m going to go check out the Dodge and Ford dealership next weekend just to compare. 

[CousinsCowgirl84]

There is probably limited quantity in the new market because of the supply chain disruptions and plant shut downs. That is probably the biggest cause of the price increases and lack of incentives.

 

because of that, and possibly the fear about what the economy looks like in the future, there are less people trading in used cars for new cars, there is a smaller inventory of used cars, which is why the price for them went up. 

[GoCommiesGo]

32 minutes ago, CousinsCowgirl84 said:

There is probably limited quantity in the new market because of the supply chain disruptions and plant shut downs. That is probably the biggest cause of the price increases and lack of incentives.

 

because of that, and possibly the fear about what the economy looks like in the future, there are less people trading in used cars for new cars, there is a smaller inventory of used cars, which is why the price for them went up. 

I understand the used market and lack of supply. I’m surprised by the addition of a 20% market rate adjustment and lack of incentives. 
 

I’m in a perpetual state of car buying. Between my dad and I we’ve purchased or leased  over 50 cars in the last twenty years. I’ve never seen a price increase like that on anything except limited edition performance models or hard to find imports (E63 Wagon or Civic Type R). 
 

edit

Rereading if it comes off aggressive I didn’t mean too. 

Edited November 30, 2020 by GoSkinsGo