Business Bulletin – June 8, 2020

In order to keep you informed on the evolving impact of COVID-19 on our local community, the Plano Chamber will be publishing updates on Mondays and Thursdays as the Business Bulletin. We will share the top news items that you need to read to stay up-to-date on important health, community, and business issues as they develop.

June 8, 2020

FEDERAL

• The current economic downturn has been officially titled a recession by the National Bureau of Economic Research.  Economic activity began to backslide in February as a result of the coronavirus and has only recently show positive signs of improvement with the jobs numbers released for May.  The report noted that it is still possible the recession could be short lived, with some forecasters indicating they expect economic output to begin growing again in the third quarter of 2020.
• The White House is waiting to see if the next jobs report shows similar booming recovery before determining what the Phase 4 Coronavirus Relief package may include.  May’s job report was the single biggest month-to-month job gains ever for the U.S.  The Labor Department reported Friday that nonfarm payrolls in May rose by 2.5 million and the unemployment rate fell to 13.3%, shocking economists who anticipated that more than 8 million additional jobs had been shed.

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STATE

• Governor Abbott announced on June 3^rd that the State of Texas is entering Phase III of reopening, effective immediately.  Highlights include:
  • Virtually all businesses can increase capacity to 50%;
  • Restaurants can increase their table size from 6 to 10 people and increase capacity to 75% starting June 12;
  • Professional and college outdoor sports can increase to 50% capacity in their stadiums; and
  • Bars can increase capacity to 50% so long as customers remain seated.

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REGIONAL/LOCAL

• Plano ISD is planning to keep a traditional school calendar for the 2020/2021 school year.  The district also announced it is considering offering both traditional and virtual learning options for the upcoming year.