27% of child-care providers still haven’t reopened amid Covid-19 pandemic
It will take $50 billion to stabilize the child care industry, according to advocates, far more than the $15 billion Senate Republicans have allocated in their latest relief package released Monday.
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Although most child-care facilities have reopened since stay-at-home orders lapsed over the summer, about 27% remained shuttered as of early December, according to a recent report from Procare Solutions.
Using data from its 30,000 clients nationwide, Procare, which provides child-care management software, found that only about 73% of day cares, child-care centers, preschools, enrichment programs, in-home day cares and before/after-school care programs that closed earlier this year are back online.
In many cases where providers are still closed, it likely comes down to rising operating costs amid continued lower rates of attendance. As of Dec. 7, child-care centers nationwide are only operating at 49% of their full capacity.
Meanwhile, child-care providers are shouldering increased costs for cleaning supplies, sanitation protocols and personal protective equipment for staff and children, as well as additional staffing. About 56% of child-care providers surveyed in November report losing money by staying open, according to the latest survey from the National Association for the Education of Young Children.
The $900 billion Coronavirus Response and Relief Supplemental Appropriations Act of 2021 Congress passed last week provides about $10 billion for the child-care industry, but advocates say that's not enough funding to get providers fully back on their feet.
—Megan Leonhardt
How the pandemic drove the 2020 stock market
The pandemic drove stocks sharply lower, then higher at a record pace, even as the economy still lags and millions are unemployed.
Stock strategists point to several changes that came with the pandemic stock market. The the old rules of investing didn't apply when it came to the virus-induced recession. Investors didn't buy utilities and consumer staples, as safety plays.
They bought tech and other stocks that would do well when people work from home and schools are shut. As the vaccines became a reality, they shifted their interest to cyclicals and stocks that do well when the economy rebounds.
But as 2020 fades, some strategists say the stock market should face a pullback in the first part of 2021 because market prices have gotten frothy. The average strategist still sees gains ahead, and 2021's market is expected to be higher.
—Patti Domm
Trump blames states amid vaccine rollout criticism
U.K. tightens restrictions as cases soar
The U.K. is tightening restrictions on millions of Britons as cases soar in the country amid a highly contagious new virus strain, CNBC's Sam Shead reports.
Health Secretary Matt Hancock said more regions would enter the Tier 4 restrictions, the toughest category in the bloc's tiered measure system. Tier 4 imposes a stay-at-home order and shutters nonessential businesses including shops, gyms and hairdressers.
The U.K. is reporting record levels of new Covid-19 cases, with more than 53,000 new infections recorded Tuesday.
—Sara Salinas
More colleges plan to reopen, despite spike in coronavirus cases
College students eat dinner outside at the University of South Carolina on August 10, 2020 in Columbia, South Carolina. Students began moving back to campus housing August 9 with classes to start August 20.
Sean Rayford | Getty Images
Even as Covid-19 infections hit record levels, a growing number of colleges and universities is determined to bring students back for the spring semester.
The University of North Carolina at Chapel Hill, Georgetown University, Morehouse College, Smith College, the University of Florida and Princeton University, are among the schools that are inviting undergraduates to live on campus come January after being largely virtual in the fall.
For some schools, reopening is a matter of financial necessity rather than public health.
If colleges continue to operate remotely, a significant number of would-be undergraduates will opt out entirely, which is putting an economic stranglehold on higher education.
"Students are waiting to see if their schools open up before determining whether to go back or not," said Allen Koh, CEO of Cardinal Education, a California-based tutoring, test-prep and college admissions firm. "They need to find value."
Roughly two-thirds of higher education leaders said revenue shortfalls from tuition and student housing are the biggest challenges they now face, according to a recent poll.
Already, universities have furloughed thousands of employees and announced losses in the hundreds of millions. Some have even cut academic programs that were once central to a liberal arts education in order to stay afloat.
—Jessica Dickler
U.S. stocks open slightly higher as market tries to reclaim record highs
U.S. stocks edged higher at the open as investors weigh the prospects of additional fiscal stimulus and a British regulator's approval of a coronavirus vaccine developed by AstraZeneca and the University of Oxford, reports CNBC's Fred Imbert and Pippa Stevens.
The Dow Jones Industrial Average rose 100 points, or 0.4%. The S&P 500 climbed 0.4% and the Nasdaq Composite advanced 0.6%.
—Melodie Warner
Congressman-elect Luke Letlow dies after Covid diagnosis
Luke Letlow, a Republican congressman-elect from Louisiana, has died after a battle with Covid-19, according to NBC News. He was 41.
Letlow was elected in a runoff this month to represent for Louisiana's 5th Congressional District. He announced on Dec. 18 that he tested positive for Covid and days later tweeted that he was being treated at a hospital.
Letlow spokesman Andrew Bautsch said on the congressman-elect's Facebook page that Letlow died at Ochsner-LSU Health Shreveport.
—Melodie Warner
U.S. needs to vaccinate 3 million people per day to hit vaccination goal
The U.S. needs to vaccinate about 3 million people a day in order to meet its vaccination goal, said Dr. Carlos del Rio on CNBC's "The News with Shepard Smith."
Del Rio, a vaccination specialist at Emory University, said reaching the vaccination goal also will require recruiting more people to administer vaccines, especially as health-care personnel remains busier than ever, reports CNBC's Emily DeCiccio.
"If we're going to get to have every single American who needs a vaccine and wants the vaccine, vaccinated by July, we need to start vaccinating about 3 million people a day," said Dr. del Rio, who is a professor of medicine at Emory University. "That is a huge effort and it's going to require a major coordinating effort and it's going to require funding."
—Melodie Warner
Correction: This blog post has been updated to correct the estimated date for when the U.S. could meet its vaccination goal.
Oxford-AstraZeneca vaccine approved for use in the U.K.
The coronavirus vaccine developed by the University of Oxford and AstraZeneca has been authorized for emergency use in the U.K., marking another step in the global battle against the pandemic.
The shot is expected to be rolled out next week and will be added to a Covid-19 immunization program started by Britain in December.
AstraZeneca said the first doses of the vaccine were being released Wednesday "so that vaccinations may begin early in the New Year."
It added that it "aims to supply millions of doses in the first quarter" as part of its deal with the U.K. government to supply up to 100 million doses in total. As a two-dose vaccine, the agreement means up to 50 million people in the U.K., which has a population of around 66 million, could be inoculated.
—Holly Ellyatt
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Covid live updates: U.S. needs to vaccinate 3 million people a day to hit vaccination goal, expert says - CNBC
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