Economists: Quick rebound from recession is unlikely
Among the concerns is that people—employees and consumers alike—will remain too wary of contracting the coronavirus to return to anything resembling normal economic behavior.
Economy
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U.S. economy shrank at 4.8% rate last quarter as virus struck
It was the sharpest fall since the economy shrank at an 8.4% annual rate in the fourth quarter of 2008 in the depths of the Great Recession.
Indiana Supreme Court partially shields COVID-19 stimulus checks from debt collection
Indiana Legal Services, Prosperity Indiana, Neighborhood Christian Legal Clinic and Indiana Institute for Working Families petitioned the court to protect the payments issued as part of the federal Coronavirus Aid, Relief and Economic Security Act.
Gov. Holcomb says state’s economy will restart in a ‘rolling’ process
Indiana governor said employees must have “a very high level of confidence about the workplace” when businesses reopen.
Beyond COVID podcast: Indy Chamber is trying to help companies stay on their feet through the shutdown
Indy Chamber CEO Michael Huber talks about the programs, what kinds of companies need them most and how the experiences have changed the way he’s thinking about his organization and what its mission will be going forward.
Fauci says parts of U.S. could open next month
He says a “rolling re-entry” will be required based on the status of the new coronavirus pandemic in various parts of the country.
Consumer prices slump 0.4% as virus puts chill on spending
Consumer prices saw their largest monthly decline in five years, revealing the downward pressure that the coronavirus pandemic is exerting on the cost of gasoline, airfares, hotel rooms and other goods and services.
Record 16.8 million have sought U.S. jobless aid since virus outbreak
In Indiana, 133,639 people filed unemployment claims in the week ended April 4, down from 139,174 the previous week, and way up from 75,522 the week before that.
Carryout just isn’t cutting it for many local restaurants
Some local restaurants trying to stay afloat without dine-in service report sales have plunged by two-thirds or more, raising questions about how much longer they’ll be able to survive.
Asbury Automotive furloughs 215 employees at local car dealerships
Asbury, which has eight Indianapolis-area dealerships, said it’s furloughing 2,300 employees across its 10-state operating footprint due to a sharp drop-off in sales and service revenue.
Beyond COVID podcast: Why a 90-day sprint is key to getting your company ready for the economy to restart
In this first episode of IBJ’s Beyond COVID podcast, Matt Neff offers advice for businesses trying to get back on track. And IBJ reporter Lindsey Erdody provides an update about Indiana Gov. Eric Holcomb’s stay-at-home order and, in particular, how the latest iteration affects liquor stores.
Here’s how nine small businesses are coping with coronavirus
We check in with firms of all stripes to learn how they’re seeking to persevere—and how some are plotting to gain a competitive advantage when normalcy returns.
Wondering if you qualify for unemployment? The answer is probably yes.
State and federal authorities have expanded the eligibility for unemployment benefits significantly, meaning if you’re out of work and didn’t qualify under the old rules, you likely will now.
U.S. jobless claims hit 3.3 million, quadruple previous record
In Indiana, initial claims filed for the week ended March 21 rose to a whopping 61,635, up from 2,596 claims the previous week.
Hoosier unemployment apps skyrocket to 54,000 in one week
The numbers are skyrocketing as businesses close as part of efforts to stop the spread of the coronavirus.
IBJ Podcast: How can companies survive the economic calamity of COVID-19?
“It’s your job to survive and to make sure that when these social controls are lifted and everybody starts to come back out that you’re ready for business,” IU’s Phil Powell, an economist at the Kelley School of Business, tells host Mason King.
Jobless claims jump by 70,000 as virus starts to take hold
Both the one-week rise and the total number of applications were far above the levels seen over the past year .
Trump signs $100B rescue bill while proposing $1 trillion plan to stabilize economy
Details on the president’s economic rescue plan remain sparse, but its centerpiece is to dedicate $500 billion to start issuing direct payments to Americans by early next month. It would also funnel cash to businesses to help keep workers on payroll.
Coronavirus layoffs spark surge in states’ jobless claims
The growing number of people filing for unemployment checks raises fresh questions about whether states have stockpiled enough money since the last recession to tide over idled workers until the crisis ends.
A cruel paradox: Beating virus means causing U.S. recession
The vast changes deemed necessary to defeat the virus—people and companies no longer engaging with each other—are bringing everyday business to a halt and likely delivering a death blow to the longest economic expansion on record.