Hurricane Teddy strengthened to a Category 4 storm in the Atlantic and could strike New England next week. Separately, a tropical depression in the Gulf of Mexico could become the next named storm.
It appears that downed power lines sparked a number of the massive fires still burning in Oregon, posing liability risk to local utilities.
Smoke from wildfires can amplify the effects of COVID-19, posing a second layer of risk to firefighters and citizens in the West and Northwest.
Twenty percent of the world’s 1.6 million seafarers remain stranded on vessels, some for more than a year, with many facing labor violations that threaten their safety and global supply chains.
Rail volumes were down 9.9% year over year last week.
UPS plans to trim its non-operating executive management with buyout offers as it recruits 100,000 seasonal workers for the holiday season.
TerraCycle’s Loop reusable/refillable packaging platform is expanding to 48 states. The company has signed up more than 100,000 customers and features 80 brands.
Trucking capacity remains tight throughout the U.S., and spot pricing remains elevated.
Clients are advised to provide expanded lead times on orders to help ensure delivery dates will be met.
Markets
COVID-19 infections rose to 44,360 yesterday from 38,410 the day before. There were 870 deaths, compared with 1,014 reported on Wednesday.
COVID-19 infection rates are trending higher in 38 states this week; there were 31 trending higher as of Wednesday.
A shortage of teachers forced New York City to delay for the second time the reopening of schools, which were scheduled to resume on-site instruction on Monday.
The nation’s current account deficit jumped a higher-than-expected 53% in the second quarter to over $170 billion, the highest level in 12 years, as the fall in exports of goods and services more than offset a decline in imports.
After digesting Federal Reserve statements after its monthly meeting on Wednesday, global equity markets sank yesterday on disappointment that the central bank announced no plans for further quantitative easing to stimulate the economy.
The pandemic has had an asymmetrical impact on consumer markets:
The nation’s major airlines met with the White House to appeal for $25 billion in additional aid. A moratorium on layoffs in the industry expires October 1.
Ford plans to build a new, $700 million plant in Dearborn, Michigan, to manufacture its all-electric F-150 truck.
An expected wave of auto-loan defaults has not yet occurred since CARES Act stimulus programs ended in August.
Kraft Heinz said in its second annual ESG report that it is on track to convert 100% of its packaging to recyclable, reusable or compostable alternatives by 2025.
Golfers played 10 million more rounds in July of this year, a 20% increase year over year, as the sport has emerged as among the most pandemic friendly.
LSU’s football coach drew attention in announcing that “most” of his players had contracted COVID-19, an assertion he later scaled back but not before raising concerns about the resumption of college sports.
Healthcare workers make up 1 in 7 COVID-19 infections globally, according to the World Health Organization.
India, with among the highest COVID-19 infection rates globally, will experience a 14.8% economic contraction this year, according to Goldman Sachs.
Spain’s central bank said the economy could shrink as much as 12.6% this year, and unemployment is likely to remain above 20% through 2022.
Russia’s central bank, constrained by a weakening currency, held interest rates steady at 4.25% yesterday but said it will consider rate cuts in the future.
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