The national economy is in an unprecedented economic shutdown. But at least one report suggests that Alabamas economy is at lower risk, long term, compared to other states.
Its a lot to keep up with. Heres Alabamas latest economic news -- good and bad. And a few things to know about how swiftly-changing national policies could affect you.
National:
More than 25 percent of the U.S. economy is shut down right now, according to a study conducted by Moodys Analytics for the Wall Street Journal. Eighty-two percent of American counties are currently under lockdown orders, as the country surpassed 10,000 total deaths due to COVID-19. The countrys daily economic output has dropped 29 percent. Some economists are optimistic that sectors of the economy will reopen in the summer, but there is less confidence now that well experience a V-shaped rebound of a recession.
This is a natural disaster, Mark Zandi, Moodys chief economist told the Wall Street Journal. Theres nothing in the Great Depression that is analogous to what were experiencing now.
But, counterintuitively, the stock market rose today, based on optimism that shutdowns across the world may have successfully flattened the curve.
The new federal small business loan program has gotten off to a rough start, with some major banks hesitant to offer the government-backed loans, and a larger demand than the Small Business Administration initially expected -- or was prepared to handle. The Federal Reserve has stepped in to say it will supplement the work being done by the SBAs Paycheck Protection Program, either through direct loans to banks or by purchasing the loans from the banks so that banks arent saddled with the debt.
State:
Some good news for Alabama, Moodys Analytics also projects Alabamas economy could be among the least affected by the coronavirus shutdown. Take this with a grain of salt as these projections seem to change by the hour, not the day. But Moodys compiled data on March 30 and looked at six metrics: exposure to COVID-19, demographics, trade and travel disruptions, tourism, finance and commodities. Alabamas relatively strong ranking was based, in part, on data that showed the state was less exposed to the virus than others. Thats a number that could change as the state approaches its peak.
Also good news for Alabamians, the state has set up a new website intended to ease the process of applying for economic resources during the pandemic. Gov. Kay Ivey announced the new website altogetheralabama.org as the states official guide to COVID-19 relief efforts.
People can receive information about coronavirus testing, filing for unemployment, food banks, and other needs. Businesses can receive information about federal assistance loans, unemployment claims, and other needs.
Its a needed resource because the state paid out $6 million in coronavirus-related unemployment claims last week.
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How safe is the working environment for essential employees these days? Birmingham-based grocery delivery company, Shipt, is preparing for a nationwide walk-off of employee demands are not met for safety improvements, better pay and other measures arent met.
Coronavirus in Alabama: How many infected; where to get tested; key information you need
Coronavirus in Alabama: How to help, how to get help
What happens if you lose your job due to coronavirus?
What to do if you cant pay your bills
How much will I get from the coronavirus stimulus?
How do you apply for small business funds from the stimulus package?
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More than a quarter of the US economy is shut down - AL.com
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