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Economic Situation Report: April 24, 2020

BH
by Ben Hemson04/24/2020 2:29 PM
Updated: 04/24/2020

 

Economic Situation Report for April 24, 2020

  • Deschutes County ranks third in the State, and highest of all metropolitan counties for initial claims for unemployment with 12% of workforce filing 12,000 claims through the week ending April 18
  • Not only is traffic down on the state highway system, traffic volumes are down 50% from the same time this year in Bend bringing traffic down to 2003 levels
  • What’s been called CARES 3.5, an additional $484 billion in Federal Stimulus for businesses, rural hospitals and testing passed the House yesterday and is expected to be signed by the President today

 Unemployment Insurance Claims continue to rise

The week ending April 18 saw another week of increasing unemployment insurance claims from Deschutes County residents. The week added 1,800 new claims bringing the five week total to 11,914.  Deschutes County had the highest percent of its workforce apply for unemployment insurance out of all metro counties and the third highest overall with only Lincoln and Clatsop counties on the coast having a higher percent of claims.  The highest number of claims continue to be from workers in the accommodation and food service industry followed by health care and social assistance and retail.

 Traffic down to 2003 levels

Like the state highway system, traffic counts in Bend are down 50% from one year ago this week. The stay at home orders and initial business and school closures had the biggest impact on traffic volume decline the weeks of March 23 and March 30, the second and third week into the ordered closures

CARES 3.5

With the country’s economic contraction continuing, the Senate and House have passed another stimulus package to help more small businesses through the Payroll Protection Program, creates a new small business loan and grant program, provides funds for rural hospitals and funds new coronavirus testing programs.

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