Coronavirus Recession

I believe AMC is filing for chapter 11 though

So is not terrible. Some of the less profitable place will be close.  But they will still hang around
 
marmott said:
https://www.theinformation.com/articles/opendoor-lays-off-about-600-employees

Home-buying startup Opendoor laid off more than 600 employees Wednesday, one of the deepest cuts from a private tech firm since the coronavirus outbreak sent the economy into a tailspin.

The layoffs amount to 35% of Opendoor?s staff, CEO Eric Wu said in a statement. The company halted home purchases last month, cutting off the home-selling fees that are its main source of revenue. The pause also leaves Opendoor with a number of homes that the firm will likely have to sell for a loss, or pay to maintain as they await sale.
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A lot of those larger home buying companies got into the business near the peak of the market (including Zillow's and Redfin's home buying groups). Maybe the founders/executives watched one too many episodes of Flip or Flop and thought...hmmm, let's take this to the next level. Unfortunately, those home buying companies are going to be taking losses on those homes that they are sitting on.
 
irvinehomeowner said:
I still hear ads for Seller's Advantage (a home buying service) on the radio.
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That's a larger individual flipper sorta like Tarek (flips in AZ, CA, and NV), he also has commercials on TV.  I also heard a commercial several times on ESPN 710 from Tarek about buying your home for cash.
 
And not essential.  What has been REALLY nice is the drop off in scam phone calls.  Guess those 3rd world call centers are great places to get infected.
 
irvinehomeowner said:
Has anyone noticed less mail lately?

Less junk mail and coupons.
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I didn?t get my mail for like 3 days and I only had a few items in there.  I was like ?cmon bro, where?s the El Pollo Loco coupons??
 
freedomcm said:
I predict more drive-in theaters!
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Those were awesome and always double features.

The impact on employment will be far reaching.

Companies will use this event to cut under performing staff and streamline their workforce further reducing need for office space.

Other posters have asked about Internet slowness and I have noticed more frequent DNS and backbone outages, not too major but more than usual.

There are talks about bringing sports back without fans... I think good candidates for that would be:

Tennis (usually very far apart)
Baseball (virtually zero contact)
Racing (they are inside their cars)
Golf

I don't think they can do that with basketball, hockey, soccer or football... too much contact.
 
Fox Business Article: Unemployment claims jumped by 5.25M last week as coronavirus job carnage continues

That brings total claims over the four weeks ended April 11 to nearly 22 million workers, erasing the entirety of labor market gains since the 2008 financial crisis, a stunning sign of the colossal economic damage inflicted by the virus outbreak. Before the pandemic, the largest number of Americans to seek jobless aid in a four-week stretch was 2.7 million in the fall of 1982.

With a labor force that totals about 162 million people, that brings the unemployment rate close to 13 percent.

That exceeds the 10 percent peak during the worst of the Great Recession more than a decade ago and tops the previous post-World War II high of 10.8 percent in 1982, bringing the U.S. closer to Depression-era levels of unemployment. A growing number of economists have warned the so-called "Great Lockdown" will push the global economy into the worst recession since the Great Depression
https://www.foxbusiness.com/economy/us-coronavirus-unemployment-claims-jump-april-11
 
eyephone said:
Fox Business Article: Unemployment claims jumped by 5.25M last week as coronavirus job carnage continues

That brings total claims over the four weeks ended April 11 to nearly 22 million workers, erasing the entirety of labor market gains since the 2008 financial crisis, a stunning sign of the colossal economic damage inflicted by the virus outbreak. Before the pandemic, the largest number of Americans to seek jobless aid in a four-week stretch was 2.7 million in the fall of 1982.

With a labor force that totals about 162 million people, that brings the unemployment rate close to 13 percent.

That exceeds the 10 percent peak during the worst of the Great Recession more than a decade ago and tops the previous post-World War II high of 10.8 percent in 1982, bringing the U.S. closer to Depression-era levels of unemployment. A growing number of economists have warned the so-called "Great Lockdown" will push the global economy into the worst recession since the Great Depression
https://www.foxbusiness.com/economy/us-coronavirus-unemployment-claims-jump-april-11
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No suprises here, the only thing I am suprise is the number stacked up well before summer. So by summer we will have 30 Million rather by 20. I can see by summer, the DOW will hit new low, well below in mid March. It will be a bumppy ride.
 
Just because it open does not mean nothing.
For example are movie theaters going to make a comeback soon?
Are you going to shopping at a mall?
Is there a demand for big ticket items? Cars, appliances, cap ex (machinery and equipment)
 
The hardest part is telling the people who work for you and they are good workers that the business have to scale down and their positions is eliminated.


In good time I know they can land on their feet again quickly.

In current environment, I feel horrible.
 
Compressed-Village said:
The hardest part is telling the people who work for you and they are good workers that the business have to scale down and their positions is eliminated.


In good time I know they can land on their feet again quickly.

In current environment, I feel horrible.
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Well said.  I had to do this to someone last week, and I?m still losing sleep over it and feel sick to my stomach when I think about it.
 
eyephone said:
Just because it open does not mean nothing.
For example are movie theaters going to make a comeback soon?
Are you going to shopping at a mall?
Is there a demand for big ticket items? Cars, appliances, cap ex (machinery and equipment)
Click to expand...

It gets the ball rolling and that is what we need
 
Viva la Revolucion!!

?You Have to Disobey?: Protesters Gather to Defy Stay-At-Home Orders

As President Trump and some of his supporters push for a more rapid return to pre-coronavirus economic activity, protesters in several states took to the streets this week to urge governors to relax the strict rules on commerce, work and daily life that health officials have said are necessary to save lives


[url]https://www.studyfinds.org/regular-exercise-can-protect-against-deadly-coronavirus-complications-study-says/[/url]
 
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