Coronavirus live updates: NY tri-state area imposes new restrictions, Workday to give workers cash

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 169,387, according to Johns Hopkins University.
  • Global deaths: At least 6,513, according to Johns Hopkins University.
  • US cases: At least 3,774, according to Johns Hopkins University.
  • US deaths: At least 69, according to Johns Hopkins University.

The Supreme Court said Monday that it will postpone arguments scheduled for March and early April because of health concerns related to the coronavirus pandemic.

The top court cited its actions during the Spanish flu epidemic of the early 19th century and the yellow fever outbreaks of the 18th century as precedents.

The postponement will delay arguments in three blockbuster cases over whether President Donald Trump may shield his financial records, including tax returns, from state and congressional investigators, among other matters. Those cases were set to be argued on March 31. —Tucker Higgins

The governors of New York, New Jersey, and Connecticut have agreed to a common set of rules to reduce density throughout the region, closing restaurants and bars and limiting public gatherings to less than 50 people.

“We have agreed to a common set of rules that will pertain in all of our states, so don’t even think about going to a neighboring state because there’s going to be a different set of conditions,” New York Gov. Andrew Cuomo announced Monday during a press call on the fast-spreading COVID-19 outbreak in the state.

The briefing came after the Centers for Disease Control and Prevention on Sunday urged people across the U.S. to cancel or postpone events with 50 or more attendees for the next eight weeks to try to contain the fast-moving coronavirus pandemic.

New York City Mayor Bill de Blasio said he will sign an executive order, set to take effect Tuesday, that effectively closes restaurants, bars, and cafes. —Berkeley Lovelace Jr., Noah Higgins-Dunn, Will Feuer

Treasury Secretary Steven Mnuchin told CNBC on Monday there will be a surge of demand for stocks once the coronavirus threat abates.

“There will be a huge amount of pent-up demand when this is done. And it will be done,” the Treasury secretary told CNBC’s Jim Cramer.

“Look for companies that have a ton of liquidity. An Apple will have customers,” Mnuchin added. “That’s just a given. The goal is not to bail out companies.” —Thomas Franck

The odds of slipping into a recession are increasingly likely as the global coronavirus outbreak puts acute stress on the U.S. economy. That could be bad news for American workers, who may lose jobs by the millions in a downturn. For those workers who don’t receive severance pay, the financial impact could be especially devastating.

Economic cracks are beginning to emerge. Small-business owners are starting to report supply-chain problems and lost sales. The travel industry is reeling. Big oil and gas companies are slashing spending and cutting dividends amid a plunge in oil prices. Consumer spending has fallen as Americans pull back from their daily routines.

Many workers don’t have an adequate financial backstop in layoff situations, experts said. Half of U.S. adults expected to be living paycheck to paycheck this year and 53% did not have an emergency fund that covers at least three months of expenses, according to a financial planning survey conducted prior to the coronavirus outbreak by First National Bank of Omaha in Nebraska.

Federal law doesn’t require American companies to pay severance in the event of layoffs, leaving it up to the discretion of business owners. —Greg Iacurci

Source: https://www.cnbc.com/2020/03/16/coronavirus-live-updates-us-retail-closures-could-explode-irans-deaths-surge.html

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