The number that came in this morning on the filing of new unemployment claims was unsettling, as it provides further proof (as if any was needed) that the virus continues to have quite an effect on the economy and on people’s lives.
Of course it all depends on where you are sitting … as those without college degrees appear to be getting hit much harder than those who do have the sheepskin on their wall. This includes those in the hospitality section … as Daily Shot … citing Yelp statistics … is now putting the number of restaurants that will be “permanently closed” at 15,000 … and counting. It seems logical to assume that another call for lockdowns will sound the ringing of the death knell for many more.
But even with lockdowns, it does not seem that “normalcy” … whatever that really means … will return any time soon. A group called “Civic Science” ran a study and their claim is that 49% of adults expect to practice social distancing for at least the next 6 months … taking us to just around the time of the Super Bowl. Yikes!
Right now we do not appear to be winning the battle against the virus … but scientists continue to claim the best defense … and the way to turn this thing around and prevent a return to lockdowns … is to wear masks. This does not mean sometimes … or only with complete strangers … it means every time you are outside of your home … even at the drive-in window of some fast food joint.
There is no shortage of masks right now … so you can’t use that as an excuse … but there is a new shortage to worry about … aluminum cans … and what this could eventually lead to is a shortage of beer.
A beer shortage? Now things are really starting to look serious.
On a final note for today, I always look for interesting articles and stories … and appreciate when people send them along … especially if included are interesting facts that I never knew.
This morning’s gem came in from a friend in Australia who told me something I never would have imagined when he mentioned that Karl Marx had a sister named Onya … and she was the inventor of the starter’s pistol … which was named after her.
Have a great day,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915
… as of 11:00 AM today …
Quick Look at the News
Unemployment claims jumped a bit ... and are once again over 1 million filing ... as some recently-opened businesses have shut down again (USAToday)https://www.usatoday.com/story/money/2020/07/23/unemployment-claims-1-4-m-seek-jobless-benefits-covid-19-surges/5481957002/
... but even when this behind us, there might be fewer employees needed in some areas. Take gyms for instance. If many don't renew memberships will personal trainers be needed? (CNBC)https://www.cnbc.com/2020/07/23/many-dont-plan-to-renew-their-gym-memberships-post-pandemic-survey.html
We near the start of a new school year and parents are starting to wonder how to plan ... as many realize the possibility exists that their child might not be going back anytime soon (CNN)https://www.cnn.com/2020/07/22/politics/what-matters-july-22/index.html
Lockdowns are a problem ... that I'll admit ... but please don't tell me you are against lockdowns and also against masks. Wearing one can help prevent further lockdowns (NPR)https://www.npr.org/sections/health-shots/2020/07/23/894425483/can-masks-save-us-from-more-lockdowns-heres-what-the-science-says
... and the wearing of a mask shouldn't be an occasional, voluntary, thing. They should be worn anytime you are facing another ... even at a drive-thru window (Ledger-Enquirer)https://www.ledger-enquirer.com/news/coronavirus/article244407067.html
First we had a shortage of Protective Equipment ... then a shortage in coins ... and we might have a shortage of aluminum cans ... which means, for some brands, no beer. It never ends (CNN)https://www.cnn.com/2020/07/22/business/beer-shortage-aluminum-can/index.html