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L.A. Braces As the Nation Heads Into a Likely COVID-19 Recession
L.A. Braces As the Nation Heads Into a Likely COVID-19 Recession
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Welcome to the Monday to end all Mondays.
Dire predictions and official directives have set the stage for a strange week ahead. Bars, gyms, restaurants and other non-essential businesses have been closed down throughout the county. School closures and remote work will mean a whole new landscape for Southern California parents and workers.
We have a summary of today's pronouncements below. In the coming days, we'll be looking at the technology different L.A. schools are using to keep kids learning and workers working. Let us know how you're managing.
We'll also be holding a free webinar tomorrow to discuss the long and short-term impacts of the novel coronavirus, and how L.A. businesses and entrepreneurs can prepare. Join us!
It's the second time UCLA's Anderson Forecast has been updated to reflect the rapidly changing economic outlook brought on by COVID-19, and it's never been done before in the forecast's history. UCLA economists now say the U.S. economy has entered into a recession and predicted it will last through the end of September. Read their findings here >>
The Centers for Disease Control recommended Sunday that events with more than 50 attendees be canceled or postponed for the next two months. Last week, Gov. Gavin Newsom banned gatherings of 250 people through at least March. Mayor Eric Garcetti ordered restaurants, bars, nightclubs and gyms closed last night. Today, the county followed suit.
Conference organizers desperate to recoup losses from events have been calling insurance lawyers. And one such specialist tells us he responds to almost all of them with a simple answer: "The devil is in the details." Read more >>
Los Angeles woke up Monday morning to confront a new reality. Schools are closed. Movie theaters, bars and gyms have been shuttered countywide. Restaurants are open only for take out and/or delivery. We have a breakdown of where L.A.'s confirmed coronavirus cases are taking place, as well as updates from city, county and national health departments. Read today's updates >>
The head of a Bay Area startup that's working to produce hundreds of thousands of COVID-19 testing kits is no longer living out of a Motel 6 with his team, thanks to an L.A.-area venture capitalist.
Last week we reported that Curative director Fred Turner moved to Southern California to open a lab in San Dimas aimed at rapidly producing COVID-19 testing kits.
Matthew Ocko, managing partner of Bay Area firm DCVC, heard that Turner and his team were looking for a home not far from the lab they set up and decided to shell out some money to house them.
"They are doing god's work," Ocko said on Monday. He added that he's decided to invest in the company as well. Read more about Curative's work >>
Amazon is planning to hire an additional 100,000 warehouse workers to keep up with the volume of orders placed by customers amid the global COVID-19 outbreak. The company says it will spend more than $350 million to increase wages for workers in fulfillment centers, delivery operations and retail stores. The hiring would grow Amazon's global workforce to nearly 900,000. Read more >>
The coronavirus pandemic's emergence has changed the world around us. Conferences have been cancelled, travel has been severely restricted, and working from home has become the norm. But less clear is the scale of the economic impact and how companies should be reacting. Looking ahead, how should Los Angeles prepare for longer-term shifts in the market? dot.LA is convening a group of experts from varying backgrounds to discuss this new business climate.
Date: Tuesday, March 17, 2020
Time: 11:00AM - 12:00PM PST