The Leading Indicator
The Economy League continues its coverage of the economic impact of the COVID-19 pandemic in Philadelphia with this latest piece uncovering how the pandemic is affecting the city’s food economy. Read more…
‘Catastrophic’: Almost one-third of Philly restaurants could never reopen after coronavirus, industry exec says
The Philadelphia Business Journal | 3/30/2020
Without a robust relief effort from the federal government, industry leaders estimate that 25% to 30% of restaurants in Philadelphia will never open again. The National Restaurant Association estimates $25 billion in sales and more than 3 million jobs were lost across the industry in the first 22 days of March. Full story >>
Coronavirus jeopardizes $8.7M in daily wages for Philly-area restaurant and hotel workers
The Philadelphia Business Journal | 3/25/2020
Thousands of hospitality workers across Greater Philadelphia are filing for unemployment as restaurants and bars are forced to scale back operations while dine-in service is prohibited and people are confined to their homes. Federal data indicates that Greater Philadelphia hotels and restaurants pay out more than $8.7 million in wages in each day and undisclosed millions more in tips. Full story >>
With language, internet challenges slowing access to relief funds, Philly bodega owners struggle to stay open
The Philadelphia Inquirer | 3/31/2020
Some North Philly corner store owners fear the outbreak could put them out of business, at least temporarily. They expressed concern about the health risks their employees face and the economic toll the pandemic is having on their customers who face job loss and no income.
Beyond Greater Philly
Stimulus steps the US should take to reduce regional economic damages from the COVID-19 recession
Brookings Institution | 3/23/2020
In order to lessen the impact of the Covid-19 recession on vulnerable regional economies, policymakers have identifies a series of responses, that, with proper timing, could help reduce long-lasting damage.
Full Story >>
U.S. Retail Crisis Deepens as Hundreds of Thousands Lose Work
The New York Times | 3/30/2020
Macy’s and Gap said on Monday that they planned to furlough much of their work forces, a stark sign of how devastating the coronavirus will be for major retailers and their workers who sell clothing, accessories and other discretionary goods.
Full Story >>
Unemployment insurance claims jumped nearly 1,500% in two weeks
Economic Policy Institute | 3/26/2020
We estimate that by the summer, 14 million workers will lose their jobs due to the coronavirus shock, with significant losses in every state.
Full Story >>
As hotels plead for ‘second’ stimulus, New York stares down $4.7 billion in likely loan
New York Business Journal | 3/31/2020
Without federal intervention and relief, industry experts say the carnage will be widespread and result in instability in business and tourism centers for years to come.
Full Story >>
The Big Picture
World Economic Forum | March 24, 2020 – James Bullard, president of the St. Louis branch of the US Federal Reserve Bank predicted the unemployment rate will reach 30% in the second quarter.
The Atlantic | March 25, 2020 – The U.S. may end up with the worst COVID-19 outbreak in the industrialized world. This is how it’s going to play out.
Brookings | March 24, 2020 – As if American workers don’t have enough to worry about right now, the COVID-19 pandemic is resurfacing concerns about technology’s impact on the future of work. Put simply, any coronavirus-related recession is likely to bring about a spike in labor-replacing automation.
CityLab | March 23, 2020 – Urban resilience is the ability or capacity of a city to survive and thrive in face of disaster, any kind of disaster. It turns out that the capacities that cities — or states, or nations — need to survive and thrive in the face of all these different threats are pretty broad.
Brookings | March 30, 2020 – As social distancing and telework rules tighten across the country, the COVID-19 pandemic is increasingly moving our daily life online. Everything from meetings at the office to happy hours with friends are all now occurring in digital space. Can our broadband infrastructure can support the new normal?
Axios | March 23, 2020 – Tens of millions of people are trying to stave off the coronavirus without reliable access to basic needs like shelter, food or health care. The people who were already vulnerable in a strong economy are facing severe hardship as jobs evaporate overnight and safety net services are strained to the max.
For Your Consideration
- Two new road maps lay out possible paths to end coronavirus lockdowns – Stat | March 29, 2020
With Covid-19 racing through the country, the US is virtually locked down. At the same time, the yearning among Americans to reopen their communities grows, as does their desire to return to some semblance of normality. In an effort to chart a path toward that goal, public health experts laid out two new roadmaps.
Need to Know
How are you Pivoting? We are looking to interview regional leaders who are pivoting their business or nonprofits in response to the COVID-19 pandemic. If you are shifting your plans in an innovative and/or collaborative way to embrace new challenges, please reach out to us by emailing firstname.lastname@example.org. We’d love to hear from you and wish you all health and good luck in these trying times.