You are correct. I had thought I clicked on Queens but it wasn't clickable. My apologies. (see, this is how it is done when you make a false statement)
Employers find $600 coronavirus unemployment checks tough to compete with as states slowly reopen Employers said the $600 combined with state unemployments benefits is hard to beat. https://www.foxnews.com/us/employers-coronavirus-unemployment-checks-employees-returning Some employers are having a tough time getting workers back on the job as coronavirus restrictions loosen in parts of the country. The problem, employers say: Workers are often making more money through the $600 a week coronavirus unemployment payments – combined with state unemployment benefits – than they would on the job. Andy Felix, the owner of the tree care company Tree Tech, Inc. in Foxborough, Mass., said he had to lay off about a third of his workforce at the height of the shutdown in March. Now that business is back and the restrictions have been relaxed — and at the height of the busy summer season — he has a problem on his hands. "Business is booming right now, to the point where there's too much," Felix said. He said a handful of his workers chose not to return to work, on top of an already existing shortage of help. Without the crews to keep up, he said he had to create an incentive to get his workers out of quarantine and back to chopping trees. He gave those who did return an extra $3 an hour. "There was a lot of math going on with some guys," Felix said. "It was given to them for making the decision to come back to work versus staying on unemployment and collecting an additional $600 a week." (More at above url)
In most months the percentage of Americans that don't pay their rent or mortgage on time is around 20% that has jumped to nearly 33% in June. Banks are taking notice. Largest bank in the US holds back $10 billion anticipating Americans won’t be able to pay their mortgage https://www.rawstory.com/2020/07/la...americans-wont-be-able-to-pay-their-mortgage/ Last week it was revealed that nearly one-third of Americans couldn’t pay their mortgages or their rent. It’s the third month in a row with over 30 percent of American renters and homeowners showing that they’re in trouble, despite the stimulus check from Washington. Tuesday, the Wall Street Journal wrote that the largest bank in the United States, JP Morgan Chase, put aside $10 billion, anticipating that the numbers of home loan defaults are going to get far worse. “The pandemic also took a toll on two other big U.S. lenders,” said the Journal. “Wells Fargo & Co. posted its first quarterly loss in more than a decade and socked away $9.57 billion to prepare for a wave of loan defaults. Citigroup Inc.’s second-quarter profit fell 73%, weighed down by the $7.9 billion the bank set aside for an expected increase in soured loans.” JP Morgan Chase CEO Jamie Dimon explained that the 2020 economic crisis “is not a normal recession.” “The recessionary part of this you’re going to see down the road,” he said. Whatever stimulus, unemployment and help the Congress can deliver are what is keeping things stable for now. “JPMorgan’s outlook for the economy has darkened since the bank reported first-quarter earnings, and its increased loan-loss provisions reflect that view,” said the Journal. “The bank put aside extra to prepare for unemployment to remain above 10 percent through the first half of next year, said Chief Financial Officer Jennifer Piepszak.” Their models are predicting a wave of mortgage defaults coming up in the next year, particularly if the economy continues to take a hit as the virus resurges and has a second or third wave. “The biggest portion of the quarter’s provision—$5.83 billion—came from the consumer bank, while $2 billion came from the corporate and investment bank and another $2.43 billion came from the commercial bank,” said the Journal. “In the consumer and small-business banking operations, revenue fell 9 percent and the provisions it set aside for loan losses sent it to a $176 million loss. Spending volume on the bank’s credit cards fell 23 percent.” It isn’t a promising prediction of the future of the American economy.
Once the situation gets a bit normal - then only everything will grow slowly and steadily in America. It will take time to stabilise the economy.