As if Walmart does not already have a very large portion of the pie, the company is going to try and compete directly with Amazon. Starting sometime this month (July), Walmart will offer a paid service that includes free delivery for a price that is more than 16% lower than Amazon. It will provide subscribers with same-day delivery of general merchandise and food. Special deals will also be available on products and gas. Currently, Amazon is worth about five times that of Walmart but this program is likely an effort to narrow that gap.
The shop that supplies many Americans with their morning joe – Dunkin’ Donuts – is going to close a large number of their stores. The franchise has plans to shut down 450 stores across the nation. Each of the stores that are closing is located within the Speedway gas stations. They plan to expand and open new stores in airports and on college campuses.
There are now a total of over 3,000,000 cases of coronavirus in the United States. Dr. Fauci reports that the average age of those infected has become lower by about 15 years. A record number of cases were recorded on Tuesday – more than 60,000, indicating that the spread is speeding up.
The current rate of the spread of coronavirus has also affected the travel industry. Many people – as many as 45% of them – have either canceled or changed their travel plans as of mid-June because of the virus. In early July, only about 41% said that they feel safe traveling outside of their communities.
United Airlines Laying Off 36,000 U.S. Employees
United Airlines has announced that it is going to lay off as many as 36,000 employees in the U.S. This number involves more than 2,200 pilots and it is about equal to half of the employees working for the airline. For those employees that can qualify, they may be able to get early retirement. The layoffs are not expected to begin until October.
Schools Reopening in the Fall
President Trump announced on Tuesday that schools need to reopen. He also said that those that do not reopen may lose their Federal funding – which Vice President Pence says is about 10 percent of their budget. To help schools open safely, he said that the CDC will be creating a five-part series of guidelines for the schools. In response to the President’s order, some schools have said that they will offer a mix of in-person and online classes.
Americans Paying Down Credit Card Debt
It has been discovered where a lot of that money that was given to individuals in the economic stimulus package went. Between March through May, many Americans decided to pay down some of their credit card debt – more than 100 billion of it. This brought down the total figure which surpassed $1 trillion in 2007, where it has stayed since then, to less than that amount in just three months.
Housing Payments Missed
The economy continues to suffer and it can be seen in the housing market, where 32% of people in the U.S. have failed to make full payments for July. Almost 20% have made no payment of any kind in the first week and 13% only paid part of their rent or mortgage. The 32% is one percent higher than in May and two percent higher than what was seen in April. Most people, about 90%, had paid some or even all of their back rent or mortgage at the end of June.