9 Major Coronavirus Developments—March 19, 2020

Numbers:

33 Cases in RI

256 Cases in MA

9,176 Cases in U.S.

221,215 Cases Globally

154 Deaths in the U.S.

8,877 Deaths Globally

Economic Policy Institute Sees 3 Million American Job Losses

EPI Reports:

We estimate that by the summer, more than 3 million workers will have lost their jobs due to the coronavirus shock. How much of that will show up in the numbers released tomorrow? Definitely some, but perhaps not as much as you might expect.

Tomorrow’s numbers capture unemployment insurance claims for the week ending last Saturday, March 14th. While media reports suggest layoffs began accelerating last week, there is often a lag between when people are laid off and when they apply for benefits. If a worker was laid off last week and waited to apply for benefits until this week, they will not show up in tomorrow’s data.

Further, while coronavirus layoffs began last week, the full weight of the impact—while swift—is still ramping up as businesses realize what they are up against.

U.S. Coronavirus Cases By Age -- Hospitalized

85+       6%

65-84   25%

55-64   18%

45-54   18%

20-44   29%

0-19      5%

Source: CDC based on the first 2,449 cases reported

Expect a Wild Day on Wall Street

Stock futures in the United States have been in flux overnight.

"U.S. stock futures dropped on Thursday, deepening the market turmoil even as the Federal Reserve and European Central Bank introduced fresh measures to protect the global economy from the impact of the coronavirus pandemic.

Futures tied to the S&P 500 index wavered between gains and losses before edging down over 1%. A closely watched measure of turbulence in U.S. stocks, the Cboe Volatility Index, climbed close to historic highs," reports the Wall Street Journal.

Schools Closed

Will schools re-open in Rhode Island this year?

“After 2 weeks we will evaluate how it’s going and will determine what we will do for remainder of school year,” said Governor Gina Raimondo on Wednesday, of the directive to K-12 public schools. 

Raimondo said that while multiple states have canceled school for the remainder of the year, she was not ready to take that step. 

“I’m not willing to throw in the towel — I think that some learning is better than no learning,” she said. 

“It’s never been done before in America, not just Rhode Island - but I think we’re ready to do it,” said Raimondo. 

$1 Trillion Stimulus Package

President Donald Trump's administration has outlined a $1 trillion package, which includes $500 billion in cash payments to individual Americans and $300 billion to help small businesses, as well as $50 billion for airlines and $150 billion for other affected sectors.

The package is expected to be the first of many to stabilize the American economy. Other steps by the Federal Reserve like interest cuts and changes in monetary policy have done little to stabilize Wall Street.

Guidance for How Children Can Adjust

The Child Trends and the Child Trauma Training Center at the University of Massachusetts offers the following:

READ MORE HERE

"Children may struggle with significant adjustments to their routines (e.g., schools and child care closures, social distancing, home confinement), which may interfere with their sense of structure, predictability, and security. Young people—even infants and toddlers—are keen observers of people and environments, and they notice and react to stress in their parents and other caregivers, peers, and community members.

They may ask direct questions about what is happening now or what will happen in the future and may behave differently in reaction to strong feelings (e.g., fear, worry, sadness, anger) about the pandemic and related conditions. Children also may worry about their own safety and the safety of their loved ones, how they will get their basic needs met (e.g., food, shelter, clothing), and uncertainties for the future. "

Spain, Italy, and China Numbers

Confirmed coronavirus cases surged 25 percent in Spain in 24 hours, according to Spanish authorities.

The number of cases rose from 13,716  to 17,147 on Thursday.

The number of deaths in Spain increased from 598 to 767 in the same timespan.

Italy reported 475 death on Wednesday —the highest number of deaths to date.

In China where they only reported 34 new cases— and all of those were imported cases. The Wuhan region reported no new cases.

Lockdowns Expanding

The number of lockdowns in the United States and around the world is expanding.

Italy announced Thursday they are tightening its lockdown creating even more limitations.

The Washington Post reports, "Italy will extend lockdown measures implemented to slow the spread of the coronavirus, as the death toll mounts and the country continues to grapple with new cases.

Prime Minister Giuseppe Conte told Italian newspaper Corriere della Sera that the government has no choice but to prolong the current restrictions, which prevent tens of millions of people from traveling within the country for any non-urgent reasons. The extensions would also apply to schools and universities that have shut down, he reportedly said.