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Much of U.S. economy still plugging along despite coronavirus pain

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WASHINGTON (Reuters) – Garbage haulers still collect trash. Cops are on the beat. Couriers deliver food and packages. Insurance agents work from home.

FILE PHOTO: A worker cuts swimwear fabric to be used by swimwear company Helen Jon, which converted its manufacturing facilities to make non-medical grade face masks, during the global outbreak of the coronavirus disease (COVID-19), in Los Angeles, California, U.S., April 9, 2020. REUTERS/Mario Anzuoni

The coronavirus crisis would appear to have put the entire U.S. economy on ice. Twenty-six million people have filed for unemployment in just a month, with millions more likely waiting in electronic queues at overtaxed state unemployment systems.

Still the U.S. job count stood at more than 152 million as of February. Paychecks are arriving for tens of millions of government workers, hospital, sanitation, utility and other employees deemed to be doing essential jobs; an army of employees working from home; and even chefs cooking for carry-out. For roughly 42 million retirees, and millions more with disabilities, monthly Social Security payments continue.

When the first gross domestic product reports of the pandemic era are issued Wednesday, the numbers will show a large hit from the virus-fighting efforts that began in mid-March. Forecasters expect anywhere from $2 trillion to $5 trillion of output to be wiped out by year’s end.

But in a nearly $22-trillion economy, that leaves a lot on the table, the foundation for the gradual reopening being announced by state governments to build upon.

While described as a “lockdown,” the restrictions recommended or put in place around the country have just as often amounted to a rearrangement. For tens of millions of Americans, work has shifted from office to home and moved online. Other businesses may have been ordered to close, but have hunted for ways to cope and maintain some revenue.

For some companies, the pandemic could even bring a bumper year.

Wickliffe, Ohio-based Lubrizol Corp, the specialty chemicals maker owned by Warren Buffett’s Berkshire Hathaway Corp, has avoided layoffs among its 4,700 U.S. employees. And it continues to churn out products like the gelling agent used to make hand sanitizer.

“We’ve tripled our production of that material,” Chief Executive Officer Eric Schnur told Reuters, “and we still can’t get enough of that to our customers.”

Procter & Gamble Co and Kimberly-Clark Corp both recently posted their best sales growth in years on demand for cleaning and personal hygiene products, as evidenced by shelves stripped bare of toilet paper at grocery stores nationwide.

Citrix Systems Inc, the software maker enabling millions of people to work from home, posted record sales in the first quarter.

None of this is to downplay the staggering blow the pandemic has dealt to the U.S. economy. The United States won’t thrive on teleconferencing and toilet paper, of course, and the scope of the downturn is unprecedented. It could get worse if the virus isn’t controlled or a vaccine developed. In the meantime, small entrepreneurs and those thrown out of work are depending on trillions of dollars in approved government aid to keep them afloat.

Even if the health crisis passes soon and the economic rebound is sharp, there may be lasting structural change — whether in the type of jobs available, the travel and dining habits of consumers, or the look of Main Street if small businesses collapse.

BIG GOVERNMENT, ESSENTIALS AND THE HOME OFFICE

Still, parts of the economy have been buffered.

Start with government, accounting for a steady 17.5% of U.S. gross domestic product at the combined federal, state and local levels over the past three years, or $3.7 trillion of GDP in 2019.

That includes administrators, clerical workers and technology staff running the benefits programs that other Americans now rely upon, as well as firefighters and others who maintain basic services, including teachers leading online classrooms.

Much of that employment is likely to continue, at least for now. But difficult choices loom for state and local governments as costs for their pandemic responses rise, while key revenue sources like sales and income taxes tumble. That could force layoffs.

Calls for a broad package of federal help for local governments have so far been resisted by leading congressional Republicans. However the Federal Reserve this week expanded the scope of a $500-billion lending program for state, county and local governments. That will allow the Fed to buy short-term bonds from hundreds of local government entities to help them raise money needed to pay staff wages and other bills.

The federal government, meanwhile, will borrow massively to fund nearly $3 trillion in emergency programs. A large share of that is in the form of direct payments to households and expanded unemployment benefits. Jobless families will spend much of that on food, housing and perhaps medical care. Consumer spending accounts for about two-thirds of U.S. output.

In contrast to government, the private sector has absorbed a massive blow: Roughly one of every six workers was laid off in the space of a month. Airlines have been grounded, the industry so stricken it was singled out for direct government loans. Hotels and restaurants were also among the direct casualties of social distancing edicts.

But the dramatic headlines mask what’s still going on among two large categories of workers: those working remotely and those whose occupations are deemed “essential.” The latter category encompasses an enormous swath of workers, including front-line medical personnel, public safety officers, people laboring to keep the food supply intact, those distributing goods around the country and utility workers keeping the lights on and the water flowing.

A Brookings Institution study using the Department of Homeland Security’s guidance on “essential industries” estimated that up to 62 million employees might qualify, as much as 40% of total employment before the crisis.

Searches for “telehealth nurse” increased more than 10-fold from March to mid-April on Indeed.com, the job site’s Chief Economist Jed Kolko said in a recent presentation. Online sellers and food retailers, notably Amazon.com Inc and Walmart Inc, have added tens of thousands of employees to ship goods to homebound Americans instructed not to venture out if possible.

Many of those people bunkered in their houses are still earning income. Up to 37% of U.S. jobs “can plausibly be performed from home,” according to a recent study by Jonathan I. Dingel and Brent Neiman, researchers at the University of Chicago Booth School of Business. They estimated those jobs account for an outsized 46% of U.S. wages, and include perhaps 80% of workers in the finance and insurance industries, and in scientific and professional fields.

Many of those jobs could still prove vulnerable. Architects and civil engineers, for example, could be laid off alongside bricklayers and carpenters if construction slumps. The longer a downturn lasts, the more troubles will mount for the nation’s white-collar workforce.

TOUGH RESTRICTIONS, BUT WORK GOES ON

But even in the hardest-hit industries and states, some activity continues.

Michigan, for example, has been hammered by the coronavirus, with more than 38,000 COVID-19 cases. It ranks in the Top 10 nationally both by the total number of cases and in the infection rate, estimated at roughly 3,400 infections per 100,000 people. Michigan’s automotive sector closed down early, and other industries followed under Governor Gretchen Whitmer’s March 23 stay-at-home order, considered among the strictest in the country.

(For a state-by-state breakdown of U.S. coronavirus cases, see: tmsnrt.rs/35oYKhr)

The unemployment rate in Michigan, among people covered by unemployment insurance, hit 17.4%, the highest in the country.

But even Michigan’s tough rules deemed 14 industries to have at least some essential workers, including financial services, communications and “critical manufacturing,” along with health and public safety.

Restaurants, bars and many retail outlets had to close to the public. But restaurants could still offer carry out, hotels could stay open if they chose, and construction on many types of projects could continue under social distancing rules.

All businesses were allowed to keep some employees on site for “minimum basic operations” such as maintaining equipment and inventory, guarding property, processing payroll or transactions, or supporting those working remotely.

An analysis of Michigan’s unemployment claims by Michael Horrigan, president of the Upjohn Institute, a labor think tank, showed the differential spread of the crisis across industries and gave some sense of the workforce still on the job.

As of mid-April, as many as 54% of workers in Michigan’s construction sector were still employed, according to Horrigan’s analysis. He compared unemployment claims filed in the industry with employment levels as of the first quarter of 2019, the most recent data from the federal government’s comprehensive Quarterly Census of Employment and Wages. For agriculture, finance and utilities the share of workers still employed could be above 90%, he said.

The numbers will no doubt change as more unemployment claims are processed and as restrictions are lifted, a process Whitmer has already begun.

Based on 2019 output levels for the state by industry, if current levels of joblessness held for a year it would cut Michigan’s GDP by perhaps 23%, knocking the state back to where it was in 2013. Nonetheless, that would still mean Michigan workers and factories would generate $422 billion in goods and services this year.

SOME ADAPT, SOME THRIVE

Across the country, firms are coping in different ways. Some are finding small bits of revenue to sustain themselves, while others are adjusting to an unexpected surge in demand.

Utah greenhouse owners Scott and Karin Pynes had built a solid events business alongside selling plants, but those gatherings vanished overnight under social distancing orders. The Pynes don’t expect to be hosting weddings or corporate events anytime soon, they said in a recent webcast seminar on business survival sponsored by the David Eccles School of Business at the University of Utah.

Their business, Cactus and Tropicals, is still taking online orders for plants and offering outdoor displays and pickups. The Pynes are holding video landscaping consultations by Skype and Zoom, and hunting for a new business model that will work as the economy reopens, perhaps under new rules to keep people more distant from each other.

Scott Pynes said the company has scaled back seasonal hiring, but kept around 85 permanent staff on the payroll with the help of a Small Business Administration loan. With the peak season starting on Mother’s Day, he has his fingers crossed.

“We feel confident we will make it through,” he said in an interview with Reuters. “We will be a bit scarred.”

Richard Schwartz, chief executive of Austin, Texas-based Pensa, faces the opposite challenge — keeping up with a burgeoning workload.

Schwartz’s firm offers automated inventory tracking to retailers so they can plan orders, detect shortages and let manufacturers know to ramp production up or down accordingly. It does that with the help of artificial intelligence software and drones that prowl the aisles of stores to count items on shelves.

Pensa’s flying checkers, he said, were a “sleepy” part of the wholesale-to-retail supply chain before coronavirus hit. Many stores were content to use human workers to jot down inventory on clipboards.

With virus-panicked shoppers emptying shelves and manufacturers struggling to keep pace, robots offer a fast way to keep track of inventory and ordering needs. Schwartz says potential customers now are poised to adopt in a matter of months technology they might have rolled out over years.

Technology “normally goes in fits and spurts,” he said.

Coronavirus, Schwartz said, “is one of those accelerators where it shines a light on a problem.”

Reporting by Howard Schneider; Additional reporting by Ann Saphir and Timothy Aeppel; Editing by Dan Burns and Marla Dickerson

Source: http://feeds.reuters.com/~r/reuters/topNews/~3/zZzs7DOCh9w/much-of-u-s-economy-still-plugging-along-despite-coronavirus-pain-idUSKCN22B0DZ

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Fintech Giant Zip Co to Provide Cryptocurrency Trading Services

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Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


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According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

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70% of Institutional Investors Plan to Buy Cryptocurrencies in The Future: Fidelity

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[PRESS RELEASE – Zug, Switzerland, 20th July 2021]

Concordium has today unveiled an ambitious, industry-leading partnership program for global developers as part of its ongoing commitment to build a credible, trusted, and sustainable blockchain industry.

The program offers developers a chance to work alongside some of the most respected names in the blockchain industry and help release the full potential of blockchain and cryptocurrency technology.

Concordium’s platform offers access to a safe, transparent, regulatable, and sustainable blockchain and cryptocurrency, marking the end of an era of anonymity and distrust that has undermined the development of the industry.

The Concordium platform differs from other industry participants by offering previously unseen guarantees of governance and transparency, without compromising privacy.

Users are identifiable and the provenance of every transaction is trackable, creating trust for users and meeting the needs of global regulators. At the same time, identities can be made available, but only if necessary
The Swiss-based company made its Mainnet debut in June, clearing the way for any developer or user to access the Concordium platform and – from today – start receiving financial support to work alongside the company in its mission to revolutionize the industry.

The newly-announced Concordium Free & Open Grants Programme offers developers up to USD20,000 for initial grants and USD75,000 for follow-up grants.

“We are not just a company, we are part of a community,” said Lone Fønss Schrøder, Concordium’s chief executive. “We know we can’t help this industry maximize its potential alone. That’s why we are supporting developers and asking them to join us.”

Developers will be able to work alongside members of Concordium’s Executive and Steering Committee, which includes some of the most respected names in the industry, such as ETH Zurich Prof. Ueli Mahrer and Prof. Hans Gersbach, Dr. Torben Pedersen Concordium’s CTO, and Father of the Pedersen Commitment, and Michael Jackson former Skype COO and Mangrove Capital Partner.

“This is a two way street,” said Torben Pryds Pedersen, Concordium’s CTO. “All good science is collaborative. As an open and decentralized project, Concordium’s vision is grounded in reciprocity and giving back to developers and the science community. First, we created the Concordium Blockchain Research Center in Aarhus, then we announced the DevX Initiative and now, with this grants programme, we will support and strengthen the science and development behind blockchain and technology in general.”

Concordium believes credible participants in the blockchain industry must be responsible for driving change and building trust in the technology.

“The need is urgent,” said Lone Fønss Schrøder. “Failure to act risks delaying the broader adoption of the technology and will prevent businesses and consumers from benefiting from the potential blockchain and cryptocurrency offers.”

Concordium focuses on the requirements of developers and companies, taking into account future regulatory rules and doing so sustainably solves the problems that have so far prevented the widespread use of blockchain technology.

Concordium was founded by a non-profit Swiss foundation and is backed by a select group of respected academics and industry veterans. From its birth in 2018, it has combined the development of its own blockchain and cryptocurrency with a desire to help redefine the values upon which the industry has been associated.

The company’s combination of cutting-edge technology and commitment to a global rules-based system has attracted the interest of investors. Earlier this year, it successfully raised over USD 41m from private and strategic sales, valuing the company at USD4.45bn.

The Concordium Free & Open Grants Programme process is open to any developer or technology project eager to contribute to the Concordium and/or Rustlang ecosystems.

Applicants can find a list of areas in the Concordium Technology Stack that demand particular development here. The application is open to any developer or technology project, if you are interested you can apply here.
Grants are tracked transparently on GitHub and disbursed in Euros, US Dollars, or GTU, Concordium’s cryptocurrency.

About Concordium

Concordium is a Public and Sustainable Proof-of-Stake-blockchain with a unique Identity layer at the protocol level. Concordium differs from other participants by offering previously unseen guarantees of transparency, and regulation without compromising privacy by introducing built-in identity management at the protocol level and zero-knowledge proofs, which are used to replace anonymity with perfect privacy.

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Revolut Valued at $33B After a Fundraising Led by SoftBank And Tiger Capital

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[Featured Content]

Over the last few weeks, Flare Finance has announced support for several assets such as CSC, PAC, and XDC on their platform. These partnerships and integrations have raised the expectations of the platform users.

Before its launch, Flare Finance has shown how truly interoperable it is by bringing together several projects and their respective communities.

Flare Finance is not yet live and is expected to go live a month after Flare Network goes live, expected anytime in July.

Flare Finance has now announced support for Gitcoin (GTC) before the platform goes live. Once the platform goes live, the addition of any asset will be done via voting. This is the last asset to be integrated into the platform as Y-Assets. So far, Flare Finance has announced support for FLR, XRP, XLM, LTC, DOGE, ADA, ALGO, SHIB, SANSHU, CEL, TEL, BNB, CAKE, XDC, PAC, and CSC.

Final Integration

GTC is the final token to be integrated on Flare Finance before the platform goes live. Gitcoin is a renowned platform that strives to create infrastructure for the open internet. It has an active community of developers with diverse skill sets. Projects can post any requirement on the platform along with the amount they are willing to pay for the task. This gives them access to 311,668 active developers who can then work on the problem.

Gitcoin also funds projects that are building open-source ecosystems. They have already funded $24.3M to several projects. It uses quadratic funding, ensuring that projects that are doing the most outstanding public good get more support. Individual users who believe in any project have an opportunity to support such projects using Gitcoin. The developers also have multiple ways of earning, helping them become a life-long part of the community. Developers can earn through bounty, hackathons, or grant funding.

The platform also provides ample opportunities for learning from peers, hackathons, fellowships, and workshops. The platform enables top developers in the world to collaborate and connect to create open-source projects. Post its integration with Flare Finance, Gitcoin users will be able to use the GTC token on the platform. It will give them access to all the six products of Flare Finance. GTC users would be able to borrow stable coins against GTC or stake GTC to earn yield, and avail other benefits by being part of the ecosystem.

What Next?

Flare Finance is expected to launch with six products – FlareX, FlareFarm, FlareMine, FlareLoans, FlareWrap, and FlareMutual. All the assets on the platform will have the option to mint their assets on the other chain using FlareWrap. Communities of all these projects will also come on a single platform thereby opening newer avenues.

With the launch of Flare Finance nearing, the real potential of Flare Finance would be revealed soon.

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Japan to Implement Stricter Rules on Stablecoins: Report

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It was a tough week price-wise in the cryptocurrency market. The total capitalization lost around $100 billion as every single coin from the top 20 is in the red. Some lost more than others, but we’ll get to that later.

Kicking it off with Bitcoin. It had a relatively calm week, and even though it’s down about 3% over the period, it’s still not as bad as a lot of the altcoins. BTC was trading at around $34,000 last Friday, and apart from a brief positive spike on Monday, it was all downhill from there. Towards the beginning of the working week, the cryptocurrency started plummeting to reach as low as $31K. At the time of this writing, it’s trading at $31,900.

However, it’s worth noting that the range within which BTC is trading is getting thinner. As reported earlier in the week, the Bollinger Bands – an indicator measuring the price’s standard deviations relative to an SMA – are squeezing hard. This is a typical precursor to a huge move. The last time they were at the current rate was all the way back in October. At the time, the cryptocurrency was trading at about $10K, and there was a massive breakout to the upside that followed.

Another serious event that may explain why the market is so stagnant and indecisive right now is the massive unlock of GBTC shares. As CryptoPotato reported, this Sunday, the Grayscale Bitcoin Trust will unlock shares worth 16,240 BTC, and investors will be free to do with them whatever they see fit. Obviously, this is a serious quantity, and it could cause a serious deviation.

Stepping aside from Bitcoin, altcoins had it even worse. Ethereum is down 10%, Cardano – 10%, Dogecoin – 13.5%, Polkadot – 17.5, Solana – 17%, Polygon (MATIC) – 20%, and so forth. This had Bitcoin’s dominance increase to as much as 46.9% today – a 2% surge since last week.

In any case, it appears that we have turbulent times ahead of us, and it’s important to remain particularly vigilant, for what’s next – only time will tell.

Market Data

Market Cap: $1299B | 24H Vol: 66B | BTC Dominance: 46.9%

BTC: $31,882 (+-3.1%) | ETH: $1,905 (-10.4%) | XRP: $0.602 (-3.5%)

This Week’s Crypto Headlines You Better Not Miss

Michael Saylor Says He’s Not Forced to Sell MicroStrategy’s Bitcoin No Matter What. Michael Saylor, the CEO of MicroStrategy, said that regardless of how low the price of bitcoin goes, he won’t be forced to sell any BTC – whether his personal ones or those belonging to the company he runs.

China Situation Not as Bad, Bitcoin to Reclaim $60K In 2021: Interview with OKEx. In an exclusive interview with CryptoPotato, Lennix Lai, the director of financial markets at OKEx, said that the situation in China isn’t so bad. He also said that Bitcoin should be able to reclaim $60K this year.

Payments Platform Square Touts New DeFi Business Focusing on Bitcoin. Square, the popular mobile payments platform spearheaded by Twitter’s CEO – Jack Dorsey – is branching out with a new business venture that will be entirely focused on Bitcoin. It will host a platform for developers to create non-custodial and decentralized financial projects built around Bitcoin.

Cardano’s Alonzo White Hard Fork Successful, What’s Next? Alonzo’s testnet of the Cardano blockchain went through a successful hardfork dubbed Alonzo White. It is the second in a series of updates that will lead to the ultimate launch of the Alonzo mainnet in preparation for smart contracts on Cardano.

Visa and Mastercard Maintain Support for Binance Amid Regulatory Issues. Customers of Visa and Mastercard will still be able to operate with Binance. This comes as a relief amid the regulatory hurdles that the company is facing. Both payment processors said they are discussing the situation with Binance as well.

ECB Confirms Plans to Work on a Digital Euro, Syas It Will Be Greener Than Bitcoin. The European Central Bank (ECB) has confirmed its plans to work on a Digital Euro. The institution also said that its digital effort will be a lot ‘greener’ compared to Bitcoin and other cryptocurrencies.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Polkadot – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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