The Bad News Report

[smeagolsfree]

As far as layoffs go, many in the restaurant industry are pretty much up the creek because they don't realy get layed off. They are just told there is no work and to go home. That is what we are facing in Nashville as we have many restaurants and bars that employee people that work mainly for tips. In Nashville, it is hitting the entertainment community very hard as well, because the musicians on Lower Broad work for tips.

Also with all of the canceled concerts, there are a lot of roadies,  engineer's,  back up musician's that just do not have work now. The layoffs are coming guys, right now it will be mostly in the service and retail industry, but the  energy sector is about to take a big economic hit as well with the drop of oil.

This is not counting all of the conventions, meetings, sporting events, special events that pay salaries  and bring revenue into each city/county governments, so that will cause cuts and layoffs there due to decreased tax revenue.

If people cant pay their car payments, house payments, etc, the banking industry will not be far behind. The auto industry is going to take a big hit too if no one is buying.

It all depends how long this last and how much damage gets done. This also does not take into account the disruption in the suply chain due to China being shut down for 2 months now. That can have a devastating effect on mfg.  that relies on parts from China. 

I'm just saying, there is enough damage done already to the economy of the world that the ripple effect is going to last a while.

[gman430]

Wells Fargo Championship is cancelled: https://www.pgatour.com/company/2020/03/17/pga-tour-news-tournament-cancellations-rbc-heritage-zurich-classic-new-orleans-wells-fargo-championship-att-byron-nelson-pga-championship.html

Edited March 17, 2020 by gman430

[NCMike1990]

Belk temporarily closing stores through March 30th.

https://www.bizjournals.com/charlotte/news/2020/03/17/local-retailer-belk-temporarily-closing-stores-due.html

Charlotte-based Belk has become the latest retailer to temporarily shut down its stores due to the novel coronavirus outbreak.

The department store chain announced on Tuesday that stores would close at 6 p.m. today through March 30 while noting its website and mobile app remain active. The move is in response to recommendations by the Centers for Disease Control and Prevention to restrict large public gatherings and to "protect the safety of our communities," Belk said.

"We understand this development can greatly impact our store associates, and we’ve taken steps to support them and their families during this time," Belk CEO Lisa Harper said in a letter to customers, posted on the retailer's website. "We’re providing benefits and compensation to our impacted workforce during this two-week temporary closure."

She said that Belk will "continue to monitor this unprecedented situation closely" and keep customers informed of any further changes.

Belk has a dozen stores in the greater Charlotte region and nearly 300 locations across 16 states in the U.S., primarily in the Southeast.

Belk was founded in the Charlotte area in 1888 by the Belk family. The private company was acquired in 2015 by New York private equity firm Sycamore Partners for about $3 billion.

Belk joins dozens of retailers that have made similar decisions to close brick-and-mortar locations amid the coronavirus pandemic. That list ranges from Apple and Sephora to Nordstrom and Macy's, to name a few.

[stw52]

Simon Property Group closing all mall and outlets from 7pm today till 3/29

[rancenc]

Unfortunately with these announced store closures during this pandemic crisis, the financial strain on brick and mortar stores are going to be even more pronounced!  I have a feeling that there is going to be a mass of bankruptcies and going out of business scenarios in the retail industry nationwide!

[kermit]

4 hours ago, rancenc said:

Unfortunately with these announced store closures during this pandemic crisis, the financial strain on brick and mortar stores are going to be even more pronounced!  I have a feeling that there is going to be a mass of bankruptcies and going out of business scenarios in the retail industry nationwide!

Yup, I think department stores will be first to go. Their demise is likely to take quite a few Class B malls down with them.

After its bulldozed Carolina Place will make some nice neo-traditional TOD...

Edited March 19, 2020 by kermit

[Scribe]

I am not affiliated with any political party for many reasons. Here is another example why I will remain unaffiliated for the foreseeable future:

2 articles on the same subject:

https://www.nytimes.com/2020/03/23/opinion/coronavirus-bailout-mcconnell-congress.html

https://nypost.com/2020/03/23/republicans-want-a-lifeline-democrats-want-to-remake-the-country/

The NY Post one actually might be closer to reality, but when you have a chasm that large, hard to get a result that wont be full of pet projects.

Edited March 24, 2020 by Scribe

[elrodvt]

The thing is if they hadn't wanted to play games from the start they would've negotiated in private. Instead McConnell announced publicly the GOP plan with 0 input from the other party. It was then inevitable tons of stuff would get piled in so that during subsequent negotiations they have something to give. Stupidity reigns on both sides per usual.

[Scribe]

right, either party can try to spin it anyway they want (and they do - as the simple illustration with the 2 articles shows), every single one of them is a scumbag, some just wear more perfume.

[elrodvt]

For the record, what I said about how this all started poorly is not "spin" it's public record. 

I remember thinking at the time "here we go again".

On the other hand, don't forget the last time virtually the entire Senate was behind something it was a huge mistake built on either lies or "intelligence failures" depending on your perspective. I suppose this slower process is kind of inherent in the messiness of democracy. Better that than quick decisions by a dictator right?

I do agree with you that most of them are self interested scum. Especially our very own senator Burr. How is it almost every senator leaves office a stock picking genius?

I'll quit as we're straying into the political thread.

[urbanlover568]

2 hours ago, Scribe said:

 

 

Edited March 24, 2020 by urbanlover568

[KJHburg]

PLEASE keep all politics to the Politics thread so the rest of these threads won't be infected.  

[TCLT]

PLEASE keep all politics to the Politics thread so the rest of these threads won't be infected.  

Practice posting-distancing.

[kermit]

Talk of delaying or virtualizing the DNC in Milwaukee has begun. Its a bit more than a month ahead of the RNC.

https://chicago.suntimes.com/elections/2020/3/24/21193156/coronavirus-pandemic-threatens-july-democratic-convention-milwaukee-will-there-be-delay

Edit: looks like the RNC is not considering any alternatives to the meeting as planned yet

https://www.politico.com/news/2020/03/25/republican-national-convention-charlotte-147029

 

Edited March 25, 2020 by kermit

[Hushpuppy321]

51 minutes ago, kermit said:

Talk of delaying or virtualizing the DNC in Milwaukee has begun. Its a bit more than a month ahead of the RNC.

https://chicago.suntimes.com/elections/2020/3/24/21193156/coronavirus-pandemic-threatens-july-democratic-convention-milwaukee-will-there-be-delay

Not having the RNC would be very tough for the Charlotte area that’s waiting for the big event.  Gonna be a tough year economically.

[XRZ.ME]

If the virus is still serious concern by August. Losing RNC won't be that important.


Sent from my iPad using Tapatalk

[CLT2014]

Nearly 140,000 people have filed for unemployment since March 18 in North Carolina, compared to the usual ~3,000 per week. This is close to exceeding the total amount of unemployment claims filed in all of 2019.

https://www.wral.com/coronavirus/nc-unemployment-claims-up-another-26-000-in-a-day/19026744/

The HMSHost layoffs have expanded to 815 jobs at CLT and the Hilton Center City has released 162.

Newly Charlotte based Honeywell is going to two weeks of unpaid leave for employees in April and May and eliminated merit raises. 

 

Edited March 25, 2020 by CLT2014

[Blue_Devil]

3 hours ago, CLT2014 said:

Nearly 140,000 people have filed for unemployment since March 18 in North Carolina, compared to the usual ~3,000 per week. This is close to exceeding the total amount of unemployment claims filed in all of 2019.

https://www.wral.com/coronavirus/nc-unemployment-claims-up-another-26-000-in-a-day/19026744/

The HMSHost layoffs have expanded to 815 jobs at CLT and the Hilton Center City has released 162.

Newly Charlotte based Honeywell is going to two weeks of unpaid leave for employees in April and May and eliminated merit raises. 

 

The Honeywell one is surprising considering how much they make in for medical centers.

[urbanlover568]

4 hours ago, CLT2014 said:

Nearly 140,000 people have filed for unemployment since March 18 in North Carolina, compared to the usual ~3,000 per week. This is close to exceeding the total amount of unemployment claims filed in all of 2019.

https://www.wral.com/coronavirus/nc-unemployment-claims-up-another-26-000-in-a-day/19026744/

The HMSHost layoffs have expanded to 815 jobs at CLT and the Hilton Center City has released 162.

Newly Charlotte based Honeywell is going to two weeks of unpaid leave for employees in April and May and eliminated merit raises. 

 

Projections are for up to 4 million in the report tomorrow. Unprecedented.

[videtur quam contuor]

https://www.bls.gov/eag/eag.nc.htm

Bureau of Labor Statistics says 4.9 million employed in NC in January 2020 so 4 million unemployed is not possible.

[CLT2014]

47 minutes ago, Blue_Devil said:

The Honeywell one is surprising considering how much they make in for medical centers.

The problem is Honeywell's two largest business units are being trashed by the economy right now. 

• Aerospace is 39% of Honeywell.... we can all imagine how that's going with the industry basically grounded, 737-MAX issues, and orders canceled left / right. 
• Performance Materials & Technologies is 30% of Honeywell.... heavy percentage of sales are tied to the oil, gas, and chemical industry, which is also in the trash right now as oil craters.

• Meanwhile the group that supports healthcare, Safety and Productivity, is only  ~16% of Honeywell. Even if sales double, it won't make up for what's happening in the Aerospace and Performance Materials divisions right now. 

Edited March 25, 2020 by CLT2014

[urbanlover568]

Just now, tarhoosier said:

https://www.bls.gov/eag/eag.nc.htm

Bureau of Labor Statistics says 4.9 million employed in NC in January 2020 so 4 million unemployed is not possible.

Nationally, not NC. Sorry for the confusion.

[Tyrone Wiggum]

Wow Morgan Stanley nailed the unemployment number, but frankly surprised that it was even that low. Fear is that a lot of folks are only applying as of this week and the big shoe drops next Thursday 

Edited March 26, 2020 by Tyrone Wiggum
New lnfo

[urbanlover568]

BREAKING: U.S. unemployment claims surge to 3.28 million, quadrupling the 1982 record - AP

[CLT2014]

North Carolina had one of the largest % increases in unemployment claims in the country in the top % tier with Ohio, Rhode Island, Maine, New Hampshire, Louisiana, and Minnesota. Despite similar populations, Georgia only had about ~13% of the claim amount as NC.