Beating COVID-19: Tips for Your Insurance, Finances, and Business - May 8, 2020

May 08, 2020
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News. Insights. Analysis. Inspiration.

 

"The U.S. economy may already have clawed back 5 million jobs of the 20-million-plus positions eliminated during the pandemic"

From Market Watch:

* “In other words, the decline versus the pre-COVID-19 level is becoming less deep as some jobs start to come back — albeit modestly as the reopening is only recently under way,” says Tom Porcelli, chief U.S. economist at RBC Capital Markets and a big user of the data. 

Porcelli says his own estimate is the U.S. economy has probably clawed back about 5 million jobs thus far. The April jobs report, due on Friday, is expected to show 22 million nonfarm positions lost, according to a MarketWatch-compiled economist estimate. 

 

"Be smart and safe about reopening your small business in a post-coronavirus world"

From USA Today:

* When you will be able to reopen, of course, depends on a variety of factors: your locale's rules; the impact of the coronavirus in your are;a and, not insignificantly, the willingness of your customers to head out and into stores and businesses again.

There are several factors that should go into your post-COVID-19 planning:

  

"Goldman Sachs explains why stocks can keep rising even as a record-sized recession beckons"

From Wealth Advisor:

* While the coronavirus-induced recession is set to be the deepest contraction in modern history, it's also likely to be the shortest, Pandl said. Many economists expect that, after a dip in 2020, GDP will rebound in 2021 and 2022. By early April, consensus GDP forecasts incorporated a virus hit, down 4% this year. But forecasts are for 4% growth in 2021 and 3% in 2022 — an unusual pattern, Pandl said.

That means that more disappointing data in the near term may not weigh heavily on markets, as activity is expected to snap back "relatively quickly," Pandl wrote. "The depth of the downturn matters much less than the duration of the recovery," he said.

 

"Publix is buying milk and produce that farmers would've been forced to dump and donating it to food banks"

From Business Insider:

* Food suppliers have lost their usual buyers amid coronavirus-related closures of schools, restaurants, and hotels. Issues in the supply chain have meant that dairy farmers have been forced to dump thousands of gallons of milk and unsold produce has gone to waste.

* The southeastern grocery chain said it would give purchased produce and milk directly to Feeding America food banks. It expects to donate more than 150,000 pounds of produce and 43,500 gallons of milk in the first week of the initiative. 

  

"The New World: How The World Will Be Different After COVID-19"

From Forbes:

* It has only been 3 weeks as the order to shelter in place has taken effect but already it’s clear that life will not return to normal soon. In fact, there has already been some significant and fundamental changes in the world and many of these will become permanent. When this health crisis abates, we will be in a new world. Here are some ways this new world will break with the past:

* Insurance takes center stage. In the past, businesses often viewed risk mitigation and insurance as boring areas that reflected overly pessimistic views. This incredible unimaginable crisis is unfolding and causing tremendous damage to every sector every where in the world. Those who had contingency plans and robust risk planning are really benefiting. Risk management will become a core activity in the new world. Companies will actively develop and test contingency plans and look for insurance services to protect themselves. Hedging will not be viewed as an unpleasant cost but a wise necessity. Of course, insurance companies will also look to protect themselves and tighten their exposure. 

 

"New report shows massive unemployment benefits expansion wreaking havoc on economy"

From Washington Examiner:

* For the economy to reopen, we’ll have to get big government out of the way. That means eliminating unemployment benefits that are literally paying people more not to work than if they remained with their employers.

 

 

 
Here's a short video from Steve on how you can purchase insurance in these changing times....Watch Here