America’s economy is continuing the long process of reopening, giving hope to the millions of unemployed, and the investors who have lost portfolio value in the volatile stock market.
New York City is the latest major area to announce that it will let employees return to work. In yesterday’s daily press conference, Mayor Bill de Blasio said that the city of 8.4 million was “now in a position to start opening things up phase by phase.”
It’s a familiar message, with other cities and states choosing to reopen their economies in stages, rather than to completely lift widespread restrictions.
De Blasio Urges Caution as City Reopens
The Mayor of America’s largest city said that “I’ve been cautious,” and he wants others to take the same approach. The city government is focused on “health and safety.” He warned that “It’s not just flicking a switch.” He believes, as do many other leaders, that reopening should be a controlled process to prevent a resurgence of high COVID-19 infection rates.
New York has been hard hit by the pandemic, with New York City seeing huge numbers in the boroughs. Queens alone has suffered almost 5,000 deaths with over 61,400 infections. Total confirmed infections in the state are more than 366,700 today, with over 23,000 deaths.
Up to 400,000 employees will be allowed to return to their jobs in “the first or second week of June.”
The city will support companies in the first phase, to help them reopen safely and efficiently. Mass transit will be operational in some capacity. Officials are still working with the Metropolitan Transportation Authority to determine which services will be running.
The reopening will be closely observed by city officials. De Blasio has stated that the aim is not to punish companies that don’t follow the rules, but rather to assist those that need help to comply with health and safety regulations. Fines could be imposed on those companies that don’t take steps to comply.
Investors Have Brighter Days Ahead
New York City is America’s financial hub and home to two of the largest stock exchanges in the world. It’s important for the national economy that the city reopens. It’s also a hugely important form of symbolism, highlighting the fact that the nation is working to overcome the health crisis.
Stock markets have rallied this week and some analysts are predicting that indexes could gain up to 7% in the current quarter. With all the negativity that has surrounded headlines in recent weeks, news of New York City cautiously reopening is more than welcome.
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