Despite the beginning signs of recovery to the United States' job market, many industries are experiencing lasting economic fallout brought by the radical changes to consumer habits and policies set in place to help slow the coronavirus outbreak within the nation. Sustainable recovery seems to only be obtainable through another federal stimulus package, which has hit another roadblock as Congress has adjourned until September on Thursday.
The two political sides of the aisle were hundreds of billions, if not trillions of dollars apart in the amount of aid they wanted to pass through the new coronavirus economic relief package. Republicans and Democrats were divided on issues like funding for the U.S. Postal Service and extensions of enhanced unemployment aid, as well as additional funding for states to cope with testing. According to the Associated Press, both sides were to blame on Thursday, with neither party willing to compromise to reach a deal.
At this time, talks will not resume in full until September, despite the ongoing outbreak and high death toll.
In terms of recovery, this means that the enhanced weekly unemployment benefits have ended along with a federal ban on evictions, putting millions of Americans at risk of debt and other hardships. States, likewise, were hoping for some relief as the coronavirus has taken away tax revenues, led to many unexpected costs. Heavily impacted industries like airlines were also anticipating further aid, with CARES Act funding barely keeping them afloat amid unprecedented low levels of travel.
For now, it appears that President Donald Trump's executive orders made last week may help keep the economy afloat, but those actions were only meant to be temporary and can take weeks to implement, leaving may Americans hanging in the balance.
AMC Theaters Restart
After a long, over-extended shutdown due to the coronavirus pandemic, AMC Entertainment (NYSE: AMC) announced Thursday that it will restart operations next week. AMC Theaters, the United States' largest mover theater chain, will reopen more than 100 locations in 19 states as well as Washington D.C. on August 20. The chain is planning to phase its restart over the coming weeks, opening the doors to an additional 300 theaters in September, with other relaunches subject to pandemic-related restrictions in the areas they operate.
In addition to its reopening, AMC will offer tickets for $0.15 on August 20, calling the promotional campaign "Movies in 2020 at 1920 Prices." Guests attending the launch day will enjoy "throwback" titles like "Black Panther," "Back to the Future," "Ghostbusters," as well as a special "Inception" tenth anniversary event. Following August 20, all throwback movies will be offered at $5 and new releases, like the anticipated "Tenet" will be offered at standard rates.
All guests and workers will be required to wear masks at all times within the theater, with auditoriums operating at 30% or less capacity, depending on local restrictions. The company also stated that it has upped its regular disinfecting of its facilities and make personal hygiene products like hand sanitizer available.