Economic impact of the coronavirus

Video Credit: WAAY ABC Huntsville, AL
Published on March 3, 2020 -

Economic impact of the coronavirus

The coronavirus is hurting industries and the stock market as concerns about the illness continue to grow


Economic impact of the coronavirus

New at ten.

As the coronavirus spreads -- so do concerns across the u-s.

Tonight -- we learned about two new cases in our neighboring state of georgia.

Within the past hour -- governor brian kemp confirmed a man brought the virus back after a trip to italy.

Those two people are now quarentined in their fulton county home.

Thanks for joining us.

I'm najahe sherman.

And i'm dan shaffer.

The coronavirus is hurting industries and the stock market as concerns about the illness continue to grow.

Today -- the first positive sign since the outbreak... stocks roared back today on hopes that central banks around the world will take action - including lowering interest rates.

Tonight, a calhoun community college dean breaks down why the coronavirus is having a negative economic impact in the united states and worldwide.

Waay 31's steven dilsizian joins us live after learning about the global impact.

The dean of business and computer information systems at calhoun community college compared the growing fears to the swine flu epidemic in 2009 when fears and impacts contributed to the economy taking a similar hit.

Take sot: dr. james payne - dean of business and c.i.s.

"in addition to disruption of travel, we are beginning to see disruption of shipment of goods from china, not only consumer goods, but also components that are used in the united states and other countries to assemble products" doctor james payne says the coronavirus is not only a health hazard.... it's a economic one as well.

Take graphic: according to the wall street journal..... last week, the stock market suffered its biggest loss since 2008.

The dow jones fell 350 points as the fears of coronavirus continue to spread.

Payne explains why the stock market is taking a big hit.

Take sot: dr. james payne - dean of business and c.i.s.

"because it is very forward looking, and responds to threats or benefits in the future, we tend to see often very sharp movements when something that's unknown or unexpected like this occurs" payne says the coronavirus is most likely not the only factor.... there could have been other underlying factors, and the coronavirus is simply sparked the movement.

Locally, people tell me they could see an impact as well.

Take sot: brittney trenter - works in huntsville "business wise you definitely see a little bit of a decline because people are straying away from being in the general public, going to eat at restaurants," payne says he and his team are turning the epidemic into a teaching opportunity.

Take sot: dr. james payne - dean of business and c.i.s.

"we do talk about it in classes and it gives us an opportunity to talk about supply chain disruptions that any event like this could have" payne says because our economy is booming, it will be able to withstand the negative impact of the coronavirus he says retail shopping is taking a hit but its too early to tell how much.

Live in hsv -- sd -- waay31

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