COVID-19 Bulletin: September 4
September 4, 2020 • Posted in
More pandemic news relevant to the plastics industry:
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Crude prices were modestly
higher in early trading today, with the WTI at $41.67/bbl and Brent at $44.3/bbl. Mexico will likely
cut its production goal for state-owned Pemex in the upcoming budget as oil revenues this year are running at 56% of the 2020 goal due to low prices and production shortfalls. Colorado natural gas driller Ursa Resources
filed for Chapter 11 bankruptcy protection.
Polypropylene and polyethylene supplies are extremely tight in the aftermath of Hurricane Laura.
Major truckers are seeing
rising tonnage and spot prices as factories and retailers replenish inventories in anticipation of continued economic recovery. A
dangerous heat wave is expected to grip the Western U.S. over the Labor Day weekend.
We anticipate the Labor Day holiday will cause roadway congestion this weekend and early next week, impacting trucking capacity, pricing and performance. The Commercial Vehicle Safety Alliance has scheduled its (USA/CAN/MEX)
Roadcheck for Sept. 9th through the 11th – we expect this to reduce capacity and service levels for the week.
Clients are advised to provide expanded lead times on orders to help ensure delivery dates will be met.
The U.S. recorded
36,506 new COVID-19 infections and 1,070 deaths yesterday. The University of Washington’s Institute for Health Metrics and Evaluation
raised its projection for U.S. COVID-19 deaths to more than 410,000 by January, more than double the nearly 190,000 deaths so far, with the daily death toll reaching 3,000 in December.
Twenty-four states are experiencing rising trends for new COVID-19 cases this week. The nation’s top infectious disease doctor warned that the
Labor Day holiday could spark an increase in COVID-19 infections, with particular concern for 7 Midwestern states — North Dakota, South Dakota, Iowa, Arkansas, Missouri, Indiana, Illinois. Ohio commenced
wastewater monitoring in 22 cities, an emerging method for early detection of COVID-19 outbreaks. Nearly
1.4 million jobs were added in August, lowering the unemployment rate to 8.4%. Law and medical school grads are facing career delays with the
postponement of licensing exams due to the pandemic. The federal deficit soared to a
twelve-year monthly high in July on a surge in imports and a more modest gain in exports. Chapter 11
bankruptcy filings slowed in August but remained 17% higher than in August 2019.
Global investment banks are experiencing an unexpected pandemic windfall, with revenues up more than 30% on investment banking fees from cash-hungry clients and trading revenue in the soaring stock market. Despite a 20% drop in car sales, the
average price of a new car rose to a record $35,420 in August due to tight inventories and shoppers gravitating to higher value vehicles.
Hotel bookings are down 65% for the upcoming Labor Day week compared with 2019, with only 14% of rooms booked for Labor Day itself.
American Airlines cut 83,000 flights from its October domestic schedule, a 55% decrease from the prior year. Bricks and mortar retailing is suffering a crushing blow from the pandemic…
while online retailing has soared:
Campbell Soup sees
sales of packaged foods easing as some consumers return to restaurants and others encounter budget constraints.
A third of Big Ten athletes who have tested positive for COVID-19 suffer from myocarditis, a heart complication that can mimic the symptoms of a heart attack and lead to death.
A Pew Research study finds
increasing economic pessimism across the globe as the pandemic continues to spread, with two-thirds of adults surveyed saying conditions are bad. The
pandemic is ravaging the economies of the world’s largest developing nations, causing contractions rivaling the Great Depression. Front-line healthcare workers have been hard hit by COVID-19:
As many as a
quarter of Latin American university students are expected to drop out due to financial challenges, shattering the dreams of many who were the first in their families to attend college. Total infections in Brazil
topped 4 million yesterday, a doubling in just two months. India recorded more than
83,000 new cases, bringing total infections in the country to nearly 4 million as it closes on Brazil for the second highest case count globally.
New infections in Indonesia, the current epicenter for COVID-19, exceeded 3,600 yesterday, a record high, two weeks after many Indonesians traveled for their independence day holiday. Mexico
auto exports were down 13.1% year over year in August and down a third through the first eight months of 2019. Former Italian prime minister
Silvio Berlusconi has been hospitalized after testing positive for COVID-19 earlier this week.
We will be closed next Monday for the Labor Day holiday.
To access 3D Printing training, order parts and seek technical assistance, visit our new
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Resource Center: M. Holland’s official status statement is available
We will provide further COVID-19 bulletins as circumstances dictate. For all
COVID-19 updates and notices, please refer to the M. Holland website.