Economy

Alabama Unemployment Claims Top 330K Since Coronavirus 

Alabamians filed 331,670 unemployment claims in a four-week period that began in mid-March, the Alabama Department of Labor said Thursday. During the week of April 12-18, 66,432 initial unemployment claims were made, with 59,527 of those related to loss of work because of the coronavirus, according to ADOL. Manufacturing jobs accounted for 9,770 of those claims, followed by accommodations and food services with 6,685 and retail trade with 5,540. Health care and social assistance accounted for 5,367 of the claims. Read more.

by Will Whatley, Alabama Daily News

Is Stay-in-Place Currently A Wise Policy For Alabama?

There's a tension between the social distancing measure to prevent the spread of the coronavirus and the economic cost that's causing. The Harvard Club of Birmingham took up that issue in a formal debate this week. Read more.

by Andrew Yeager, WBHM

Plan Shows Possible Path to Reopening Many Small Businesses

Many currently shuttered businesses in Alabama could reopen over the next few weeks under new recommendations from a task force created by Lt. Gov. Will Ainsworth. Some establishments such as restaurants, hair salons, child care centers and small retail stores would open immediately under the plan, while others such as medical services, casinos, gyms and entertainment venues would need to wait until May 1. The state's beaches would also open May 1 and youth sports could resume starting May 11, under the plan from the Small Business Emergency Task Force, which was formed by Ainsworth earlier this month. The recommendations have been sent to Gov. Kay Ivey, who said she would take them into consideration when formulating next steps in Alabama's response to the coronavirus outbreak. The state remains under a stay-at-home order limiting residents to only essential errands until April 30. Read more. Related: Is Stay-in-Place Currently A Wise Policy For Alabama? The Harvard Club of Birmingham Debates.

by Todd Stacy, Alabama Daily News

Alabama Farmers Shift Food Processing Due to Coronavirus; Food Waste Not a Problem

Now that Alabamians are eating at home more due to the coronavirus and the resulting stay-at-home orders, state farmers are having to shift how they package and process food. “Restaurants — they buy big packages,” Jimmy Parnell, president of the Alabama Farmers Federation, said. “Most of us, for our family, want a family-sized package. So that has changed the demand significantly. When you're selling a pound or two at a time versus 100 pounds at a time, it changes that flow of things.” Read more.

by Caroline Beck, Alabama Daily News

Byrne to SBA: More Help, Clarity Needed for Small Businesses

Congressman Bradley Byrne, R-Mobile, on Thursday led a bi-partisan letter to Small Business Administration Administrator Jovita Carranza asking the agency to offer more help and guidance for those seeking Economic Injury Disaster Loans, or EIDLs. In March, the SBA began allowing states to apply for the EIDL. The loan program helps qualified businesses and non-profit organizations recover from economic losses tied to the abrupt economic downturn triggered by the COVID-19 disease and efforts to stop its spread. The program offers up to $2 million in assistance for an eligible small business, and advance grants of up to $10,000 are available. However, there are reports of “severe oversubscription” to the EIDL program and of the $10,000 advance grant being insufficient to meet the needs of businesses trying to survive in the midst of the coronavirus pandemic, the lawmakers wrote. Read more.

by Todd Stacy, Alabama Daily New

Life in a Takeout World

Ella Mae Irby, a fixture at Bogue's Restaurant in Birmingham, talks about the effect COVID-19 has had on her and the restaurant.

by Tom Gordon

Alabama Unemployment Rate on the Rise

More than 77,500 Alabamians filed initial unemployment claims last week, according to the Alabama Department of Labor. Of the 77,515 total claims, 71,374 were related to the coronavirus outbreak. Meanwhile, the state’s unemployment rate went from 2.7% in February to 3.5% in March, according to information released by the Labor Department today. But the department warned that the new number doesn’t capture most of the damage done by the coronavirus. That information will be reflected in the April rate released next month. Read more. ">

by Will Whatley, Alabama Daily News

Farm Product Prices Fall Amid Pandemic, but No Shortage in Food Pipeline

Alabama’s 33,000-member agriculture workforce continues to operate as essential, but the coronavirus has impacted how much some will get paid for their work. “Crops still have to get in the ground, cattle have to be doctored,” Brady Ragland, a commodity director for Alabama Farmers Federation, told Alabama Daily News. “Those activities have to go on.” Some agriculture enterprises — such as farmers markets and cattle auctions — have shifted online where possible because of the coronavirus. But even before the pandemic, farmers were bracing for a tough year. “Farm income is expected to be considerably lower,” Alabama Commissioner of Agriculture Rick Pate said last week. “Commodity prices including cotton, corn, milk and live cattle have fallen significantly. The coronavirus outbreak has affected commodity prices across the board and is likely to do so for several months.” Read more.

by Mary Sell, Alabama Daily News

Alabama Labor Department Urges Patience for Unemployment Claims

Alabama has seen a record number of unemployment claims because of the coronavirus. The state Department of Labor is trying to keep up. Read more.

by Andrew Yeager, WBHM

Alabama Bankers Association CEO Says Banks Are Secure During Pandemic

The COVID-19 pandemic has many people wondering about their economic future and the safety of their money. Banks report experiencing more cash withdrawals in the last few weeks. In fact, demand was so high at one Manhattan bank that it temporarily ran out of $100 bills.  Experts say hoarding cash can be risky, both financially and to your health.  Scott Latham is President and CEO of the Alabama Bankers Association. He says banks across the state have been preparing for a crisis of this magnitude for years with help from the Alabama Recovery Coalition. Read more.

by Janae Pierre, WBHM