• 10 hours Are Bitcoin’s Environmental Risks Overblown?
  • 17 hours Why The Gold Rush Ran Out Of Steam
  • 3 days Coinbase IPO Explodes, But Fails To Keep Its Momentum
  • 4 days China Slaps Alibaba With Record $2.75B Antitrust Fine
  • 5 days The Pandemic Has Culled The Middle Class
  • 6 days Legacy Automakers See Massive Spike In Sales
  • 7 days Tesla's Biggest Competitor Is Going Cobalt-Free
  • 8 days Stocks That Could Benefit From Biden’s $2.5 Trillion Infrastructure Plan
  • 10 days The Mafia Has Expanded Its Influencer Under COVID-19
  • 11 days How Fintech Will Get Skeptics Into Crypto
  • 12 days Monday Markets Rise On Stellar Jobs Report
  • 15 days Not Even Bribery Allegations Can Crush Cannabis Boom
  • 19 days Canada May Become Leader In Booming Battery Market
  • 20 days Nearly 42% Of All Amazon Reviews Are Fake
  • 21 days Kidnapping Is Big Business In Nigeria
  • 22 days COVID Fraud Amounts To Nearly $570M
  • 24 days Art Is Now An Algorithm
  • 26 days TikTok Threatens America, Tesla Threatens China
  • 26 days Small-Cap Energy Sectors With Big Upside
  • 29 days Coinbase Valued At $68 Billion Ahead Of IPO
Today’s Young Adults Aren’t Leaving the Nest

Today’s Young Adults Aren’t Leaving the Nest

The pandemic has given greater…

Jobs Report Doesn’t Say Much Amid COVID Uncertainty

Jobs Report Doesn’t Say Much Amid COVID Uncertainty

U.S. employers added 7.5 million…

The Pandemic Has Culled The Middle Class

The Pandemic Has Culled The Middle Class

In 2020, while the global…

  1. Home
  2. Markets
  3. Economy

Economic Reopening Backfires, COVID Surge Snaps Recovery

COVID-19

Apple is closing its stores again in Florida. Texas is pressing the pause button on its reopening plans. Michigan is delayed ‘Phase 5’ of its return to economic life, and even DisneyLand has put the brakes on it’s plans to invite the public back to its theme parks.  The reopening failed, and coronavirus cases are once again soaring, even if Vice President Pence is encouraging the media to focus on the positive details. 

President Trump told an audience in Phoenix on Tuesday that the virus is “going away”, but a White House internal task force disagrees. 

Cases are once again on the rise amid a resumption of all kinds of activities wherein the masses are throwing caution to the wind. 

Phoenix has recorded 13,169 new cases in seven days--a nearly 150% jump over the previous week. 

On Wednesday, Alabama reported 1,1129 new cases, and Nevada reported 497 new cases. California and Florida are also reporting average highs.

Florida and Texas announced Wednesday they had each recorded more than 5,000 new cases, breaking all records, two days in a row.  

California is even worse, reporting more than 7,000 new cases. 

Due to concerns in California, Disneyland will not reopen as scheduled on July 17th, though Florida reopening plans still appear to be on track despite concerns in that state as well. 

The governor of Texas has now paused further economic reopening phases. 

Michigan has recorded 19 more deaths linked to coronavirus and on Wednesday confirmed 353 cases of the virus. Michigan, which has been more cautious than some other states, has seen a rolling 7-day average of cases up slightly, with the past few days showing a worrying trend but not on the level of other states where reopening has gone wild.  

Related: Luxury Clothing Isn’t A Priority As Americans Grapple With COVID-19

Across the Atlantic, the European Union has said it may ban American travelers as it reopens its borders because of the United States’ failure to get the virus under control effectively. 

In the meantime, the Centers for Disease Control and Prevention (CDC) is warning that 10 times more Americans have likely contracted the virus than have been reported. 

"Our best estimate right now is that for every case that’s reported, there actually are 10 other infections,” CDC Director Robert Redfield told reporters Thursday

The worst fears of a rushed reopening are now emerging, with concerns that an unfettered return to ‘normalcy’ could set back economic recovery even further. 

Adding to the downbeat atmosphere on Thursday, Kansas City Federal Reserve Bank President Esther George said COVID infection surges will remain a threat to the economy until we have a vaccine.

“While we saw strong job gains in these industries in May, with employment increasing by 2 million jobs, a full recovery is still far off,” she said.

By Michael Kern for Safehaven.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment
  • bobby boomer on June 30 2020 said:
    NY city has few new infections. Just a while back it had highest infections.
    Which leads me to conclude NY city has acquired herd immunity.

    Which then follows that infection among under 60 crowd is actually beneficial in the long run.

Leave a comment