California, Michael Barr, Lisa discussed on Bloomberg Surveillance

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Primary factor that they're looking at us far is downside breasts to the U. S economy. How do you factor in the and I keep using this for divergence, But it seems like this year has been a tale of different markets Tale of Different types of businesses. How do you reconcile that gap between say, you know, Hughes Airlines and hotels and you know, commercial, real estate and and and businesses that have been really hard hit. And then those that have actually benefited disproportionately. I mean, is it just sort of an average that doesn't show all of these divergences under the surface? Certainly, I mean looking at the aggregated data across industry sectors give you a snapshot of what it might look like overall as far as the economic impact going forward, But when you look down at the numbers by industry It shows a very different picture. As far as those businesses those industries that are moving along quite well during the pandemic, and those that are still very negatively impacted. And will likely continue to be negatively impacted until we have a vaccine that is available to the general population, and we can get the virus under control. So that is the major determinant on whether you know those industries can come back or when they can come back. Also in our survey, the nape survey. Now about almost 80% of respondents anticipate that the economy will come back again, depending on the The availability of the vaccine this summer or in 2021 in the second half of 2021 1st half of 2022 until things to come, you know, come back to relatively normal levels of economic growth as we as we had before the pandemic. Hollywood. Thank you. So much for being with us. Holly Wade Navy Outlook survey chaired an F I B Research Center executive director on that December outlook, which is optimistic, really optimistic, despite the fact that the greatest risk is the second wave of cove it which is here, But you know they're seeing past that. Yes, I think that's that. The numbers are really, really grim here. And I think the expectation is, boy. If we could just get through kind of that February kind of time frame for every March timeframe, perhaps then light at the end of the tunnel. Yeah, let's just try to get their God this year cannot end soon enough right now. Let's head and get the news. Michael Barr has that for us, Michael. Thank you very much. Lisa. Thank you. Paul. California's new stay at home order went into effect at midnight form or And 33 million people. The new rules are impacting Southern California and a large swath of the Central Valley. The rules were triggered when available capacity and the region's intensive care units fell below 15%. That's the ST Clair, registered nurse in Riverside says the ers can't handle more patients. I don't believe it was meant to punish California's or punish people front for the whole United States. It truly was so that we didn't overwhelm our hospital systems, and they're overwhelmed now. However, this Los Angeles resident says that without a plan for financial compensation in place, the new restrictions, including her restaurant could permanently close and others when hundreds of businesses I want everybody to be safe, but we won't survive this. We're not going to survive this. California has also canceled leisure travel. The new orders were last at least through the New year. Proposed Cove in 19 Relief bill is expected to get backing from President Trump and Senate Majority Leader Mitch McConnell. But it won't include $1200 in direct payments to most Americans. That's according to Republican Senator Bill Cassidy, who's involved in the bipartisan talks. With time running out, lawmakers were closing in on the financial language for the $908 billion proposal that would provide $300 in extra federal weekly unemployment benefits. It leaves the issue of cash payments for President elect Joe Biden wrestle over with a new Congress next year. He was 79 years ago today when Japanese warplanes attacked the U. S naval base at Pearl Harbor, Hawaii, bringing America and the World War two The Japanese attack began at Pearl Harbor at 7:55 A.m. a Y in time. Global news 24 hours a day on area and on Bloomberg Quick take powered by more than 2700, journalists and analysts more than 120 countries. Michael Barr, This is Bloomberg. The support Michael Barr. Thank you so much. We appreciate that. So Lisa. It sounds like from the fiscal stimulus perspective that is that you know, less than a trillion dollars, but it's something here and I think a lot of this small businesses really need some help us. We heard from, You know, some of those folks in California that are facing another lockdown. Yeah. People talk about that fiscal cliff that basically a lot of the unemployment benefits and Other pandemic relief programs are set to expire in the next couple of weeks. So what happens if people don't have that money coming in? How will that affect consumer spending and then also, how many businesses will close? It does seem like it's gotten more urgency. But really, we're going to get the details today. It will be interesting to see what a compromise looks like Given how Entrenched, the sides have become right. So we have that coming on fiscal stimulus. We also have one of our old topics are old favorite topics. Brexit looks like again coming for announcement Soon. There's some type of Decision there. So Evergreen Evergreen comment X Looks like we got some. Some statement about Brexit comment exactly any time at a year. It's true. Yeah, that remember back in the good old days when we talked.

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