The second wave of COVID-19 infections is upon the U.S., even before the first wave crested. Rates of new cases of COVID-19, initially tamped down or even flattened by quarantine orders, have begun to rise again in most states. On July 9, Oregon broke an earlier record for most cases recorded in one day with 389 cases reported. Illinois broke a June 5 record after reporting 1,018 new cases for the day. The Associated Press reported that about 1 out of 7 of Mississippi state legislators have tested positive for the virus as their own numbers continue to climb.
Louisiana, Texas, California, Florida, Alabama, Georgia, Tennessee, and Idaho, among others, have increasing 3-day moving averages for new cases per day. The percentage of positive test results has been rising as well, indicating that the issue is not merely an optical one caused by increased testing for the virus. Positive testing rates for COVID-19 have reached 17% in South Carolina, 19% in Florida, and 27% in Arizona.
The latest data available from the Johns Hopkins University of Medicine show that the United States has broken 3.1 million total confirmed cases of the novel coronavirus. Almost a million people have recovered, but 133,291—More than 7% of resolved cases in the U.S., or 4.3% of all known cases—have died.
COVID-19 and Force Majeure
A survey by Procurious, a procurement network, indicates that 97% of international supply chain professionals have run into supply chain problems due to the pandemic. Under ordinary circumstances, says Tim McCarthy of Dykema Gossett LLP, events related to “force majeure” contract clauses covering unseen circumstances, are limited in scope, but the pandemic is not. “Alert and systematic management of supply chain disruptions and force majeure claims can preserve relationships that have been built over years and avoid costly break-ups,” writes McCarthy. Read the full story here.
Manufacturers Received $54 Billion Under PPP, Treasury Reports
The Department of the Treasury released a new summary of funds spent under the Payroll Protection Program on June 30. The summary revealed that $54 billion, just over 10% of total funds spent by the program, went toward loans for more than 229,000 manufacturing companies. The Payroll Protection Plan, or PPP, was started by the CARES Act in late March, and has since been extended until August 8. Read the full story here.
Hiring Jumped and Layoffs Fell Sharply in May
The Bureau of Labor Statistic’s Job Openings and Labor Turnover report for May 2020 showed that hiring jumped and mass layoffs fell sharply in May as quarantine orders and similar policies expired around the country. Hiring rose to 6.5 million from 2.4 million in April, and total separations fell from 5.8 million to 4.1 million, a series record. In manufacturing, the number of new hires rose by 100,000 to 426,000 in May, mostly in nondurable goods. The drop-off in layoffs in manufacturing was more significant: total separations fell to 284,000 in May, down from 762,000 in April. Read the full story here.
U.S. Grants Novavax $1.6 Billion for Vaccine Orders
In the largest order yet from Operation Warp Speed, the federal government’s plan to stockpile vaccine candidates to ready an approved drug for deployment, the Department of Health granted $1.6 billion to Novavax, Inc. in exchange for 100 million doses to be produced by January. The government has placed similar orders to date with Johnson & Johnson Co., Moderna, Inc., and AstraZeneca PLC. Read the full story here.
