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COVID-19 Update – A Message from Concerned Physicians

COVID-19 Update – A Message from Concerned Physicians

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“EVERYTHING WE DO BEFORE A PANDEMIC WILL SEEM ALARMIST. EVERYTHING WE DO AFTER WILL SEEM INADEQUATE” – Michael Leavitt

Why are we writing this?

The COVID-19 pandemic has reached a point where containment is no longer possible. The COVID-19 threat is real, and rapidly getting worse. Many of you are very nervous, some are unsure of the validity of the information you are reading. As physician leaders, we felt it was important to craft a resource you can rely on as being scientifically accurate and one which contains as much actionable information and guidance as possible.

Accurate, actionable information during an epidemic can save lives. Physicians are on the front line of this epidemic. Not only are we treating the sick, but we are also cringing at the misinformation spread through both traditional broadcast and social media. Evidence matters. Unfortunately, evidence is often slow, methodical, and boring and has a tough time against clicky headlines and exaggeration. We believe that an accurate representation of the current COVID-19 pandemic followed by a set of actionable steps you, your loved ones, politicians and local officials can utilize is of paramount importance and ultimately could save tens of thousands of lives.

COVID-19 isn’t just the flu?

COVID-19 has been described by some as “just a cold”, or just like the common flu. COVID-19 is not the common flu. COVID-19 is an order of magnitude worse than the flu. The fatality rate is approximately 10 times worse than the flu.

The flu spreads from September through April in the US, and June through August in the Southern Hemisphere. Yes, it does cause severe illness in many, but it does so over a longer time course. Time is a variable that is working against us during this COVID-19 outbreak. COVID-19 victims will be presenting to a hospital in need of critical care at a rate that is far higher than occurs with the flu.

In addition, these patients will be requiring hospital treatment over the course of a few weeks rather than the 3-4 months of a typical flu season. The healthcare system in the USA is not ready to handle tens of thousands or hundreds of thousands of people over a short time frame. In Italy, the healthcare system buckled under the strain and the healthcare teams are now forced to make horrible life and death decisions.

 

There are only 2177 cases … why is everyone so worried?

If only a snapshot in time had relevance, then perhaps stating that only there are “only” 2177 cases (March 14, 2020) [3,000 cases 3/15/20, 6 AM ET; now 3,774 cases 3/16/20 6AM; now 4300 at 5 PM, ET; 4700 cases 3/17/20, 6AM; 6496 cases 3/18/20, 6AM ET.] would be relevant and somewhat comforting.  Italy had 15,000 cases March 14, 2020, today (March 18, 2020) they have 31,506 cases — they only had a few hundred cases a 10 days ago. Stating that we only have 2177 cases today is absolutely irrelevant in the face of a pandemic virus spreading under exponential conditions.  We will help put the term exponential spread into context down below.

Video Attribution: CC by SA 4.0 , Created by: Goh Kok Han

Immunologically naive populations:

Viruses have been circulating around the globe for millennia. One family of viruses that have been circulating are referred to as Coronaviruses. About a quarter of common colds are caused by Coronaviruses. Our bodies form antibodies to foreign invaders such as bacteria or viruses. If we have antibodies from a previous exposure then we can rapidly ramp up the production of those antibodies if we are infected by that same virus at a later date. This is why you only get Chicken Pox and the Measles once. The first episode generates protective antibodies so you can’t get infected a second time. For other infections, previous exposures do not make you immune to future infections but it does make subsequent exposures milder.

COVID-19 is a severe respiratory illness caused by the virus named SARS-CoV2. It is a novel virus, which means that no one in the world has antibodies to it because no one has ever been infected by it before. As such, when the COVID-19 virus invades our body we do not have antibodies. We do not have a template to utilize from a previous exposure to rapidly create a defense against the virus. Because no one has antibodies, everyone is at risk for catching the virus, becoming ill, and spreading the virus so that it can infect those around you.

Exponential spread

Exponential math is very hard to grasp.  Every person with the COVID-19 virus infects approximately 2 people. Some less, some more.

The doubling time of COVID-19 that is widely quoted is 6 days. Some scientists are saying it may be as short as 2–3 days (unpublished first-hand information).

Let’s say the infection rate doubles every 3 days.   That means that if 50,000 people have the virus today, then in 3 days 100,000 people will have it. In another 6 days it’s 400,000 and less than 10 days later it’s over a million people.  We have 330 million people in the US. The experts expect that 40-70% of people will be infected. Exponential growth does not take that long to get to those scary high numbers. Every 3 days we delay the mitigation measures we will discuss,  the number of infections double. This YouTube video does a great job of explaining this.

Is it time to panic? NO.

This document is trying to help you to understand the situation at hand and not to terrify you. We want to make sure you understand the facts and understand what is at stake. This is a Pearl Harbor moment for our country. We are facing a real threat and we need to face it with all of our resources. When people decry the seriousness of this moment they are steering our country off a cliff, we need everyone to understand that this is important and if we work together to slow the spread we will get through this as we are learning from Singapore, Hong Kong, South Korea, and China.

The effectiveness of our healthcare system to deal with a sudden tsunami of respiratory illness is what is at risk. If our healthcare system buckles under the strain of tens of thousands of patients then we could be looking at a catastrophe.

Personal risk vs Systemic Risk

When we talk about risk, there are many different elements to consider. Naturally, we are concerned about ourselves and our loved ones. This is an example of personal risk. By and large, your personal risk is low. The overall fatality rate for COVID-19 appears to be around 0.6%-6%. The lower bound (0.6%) comes from the South Korea data. But the fatality rate could potentially be as high as 6%. Why? Two reasons.  First, once healthcare resources are strained it is impossible to offer a high level of expert care to everyone.  Second, deaths occur up to 6 weeks after the onset of the infection.  The most severe complications appear to arise after 3-4 weeks after the onset of symptoms.  It is that lag that makes the fatality rate appear lower than it really is.

As we will discuss later, certain populations with certain diseases carry an increased risk of a serious life-threatening infection.

What we as physicians are most concerned about is systemic risk. Complex systems, such as our healthcare system, function because all the moving pieces fit together and interact with one another in such a way that the system functions under normal loads, lower than normal loads, and slightly higher than normal loads but may break down under the very high loads we anticipate with COVID19. We have watched in horror at what is taking place in Italy where their healthcare system is failing. The healthcare system was overwhelmed by a flood of people requiring critical medical care all arriving too close together in time. Italy does not have enough ICU beds, ventilators (mechanical breathing machines), and medications to manage all the patients that needed it. Physicians in Italy are judging who gets an ICU bed and critical care and who does not because there is not enough supply to take care of everyone. We do not want to see this happen here. This should be very clear:

This will happen here, and it will happen soon – possibly in one to two weeks – if we do not take very bold steps at this time.

Who’s at risk?

The bottom line is, we are all at risk. The elderly and those with medical issues such as hypertension and diabetes appear to be at higher risk of a severe disease course and death. Children may be spared the consequences of severe disease, though they can be asymptomatic to minimally-symptomatic carriers of the virus – placing those who are vulnerable at higher risk.

South Korea, which has reported the lowest coronavirus death rates, has a COVID-19 death rate more than eight times higher than that of the flu. Mortality rate reported in South Korea increases by age brackets from 0.4% in the age group 50-59 to 8.23% in those above 80 years old.

If our healthcare system fails then we will all suffer. If the hospital is choked with COVID-19 patients, people with appendicitis, heart attacks, broken ankles and so on will not be able to be treated. This is the picture of systemic risk. Everyone is at risk if there is a systemic failure of our healthcare system, not just those with COVID-19.

The challenge is this: By following the appropriate recommended social isolation measures, you will be saving lives of not just those at increased risk who are infected, but also those who need other critical healthcare services, including potentially yourself. You will be saving the lives of people you will never meet.

Who should follow our suggested social isolation measures?  EVERYONE.  If you do not need to go out for a mission-critical purpose, do not.  Again, you WILL be saving the lives of at-risk members of your own family, as well as people you will never have the pleasure of meeting.

What SHOULD we do? — The Importance of Social Isolation.

Containment of COVID-19 is no longer possible. The virus is already in the country and is currently spreading. We need to slow the spread. Mitigation is the best current strategy. It involves strict social isolation. If 50% of the US population becomes infected, 5% of infected people will need a ventilator in an ICU, and if we have only a limited number of ventilators available in the country, you can quickly see the issue at hand.

This is an extremely time-sensitive and serious issue that needs to be addressed now. We can’t simply manufacture the number of ventilators necessary. We need to slow the spread and decrease the overall rate at which people will be coming to the hospital.

We use the description: We must Flatten The Curve. That means that we need to slow the rate of infection so that the number of people who need hospital services remains in the range that our healthcare system can supply. With mitigation efforts we are no longer trying to contain the virus, we merely are trying to slow the rate of infection to keep the healthcare system from collapsing. In reality, we cannot flatten the curve enough to prevent many thousands of people from becoming ill. But every single one of you who stays indoors and follows strict isolation measures will save countless lives. Many of the lives you save will be folks you will never meet.

Who should follow our suggested social isolation measures? EVERYONE. If you do not need to go out for a mission-critical purpose, do not. Again, you WILL be saving the lives of at-risk members of your own family, as well as people you will never have the pleasure of meeting.

All of you can save lives starting now. 

The actions you take starting today will save the lives of people you will never meet. 

Support the #CancelEverything and #SocialDistancingWorks movements.

Mitigation Measures For COVID-19
  • Support your schools’ decisions to close: Proactive school closings save more lives than reactive school closings. Your schools should close now… before infections are present. Closed schools do not mean playdates for children – this counteracts the social distancing the school closures are meant to create in the first place.
  • 6 feet: The COVID-19 virus spreads through droplets. They can move 6 feet before gravity brings them to earth.  Stay 6 feet away from people if you need to go outside.
  • Meticulous hand washing: Wash thoroughly and wash often. Alcohol-based hand sanitizer works well if your hands are otherwise clean.
  • Do not touch your face. This is hard. This is a learned skill… practice often.
  • Clean doorknobs, toilets, cellphones, countertops, refrigerator handles and so on many times each day.  The virus could live on certain surfaces for 4-72 hours.
  • If you can work from home, work from home.
  • No tournaments, no sports events, no soccer, baseball, dance, volleyball, softball, gymnastics, concerts, martial arts, etc.  We don’t care how much they claim they will clean the equipment.
  • Cancel vacation travel. We know you planned this for a long time.  You will be saving many lives by doing so… perhaps someone you know.
  • Cancel weddings/ Bar/Bat Mitzvahs, birthday parties and so on. Help other people live so they can celebrate future events too.
  • If you are over 60 years old you should stay home. You should only go out if there is a critical need.
  • If you have parents/grandparents in a nursing home you should consider moving them home for now.
  • Do not congregate in a restaurant, bar, etc.  Again, you will save the lives of people you will never meet.
  • If you feel sick stay home. It doesn’t matter if you don’t feel too sick. Going to work will put countless other people at risk of suffering or dying.
  • Cancel all business travel.  Your life and the lives of others are more important.
  • Possible supply chain issues: Work with your doctor to try to get a 3 month supply of medication.
  • Many grocery stores have order ahead options with either pick up or delivery. There are online grocery delivery services available in many areas. Wash your hands thoroughly after unpacking groceries.
Reliable news sites:
Contributors
  1. Howard J Luks, M.D.; @hjluks
  2. Joel Topf, MD FACP; @Kidney_Boy
  3. Ethan J. Weiss, M.D.; @ethanjweiss
  4. Carrie Diulus, M.D.; @Cadiulus 
  5. Nancy Yen Shipley, M.D.;  @_NancyMD
  6. Eric Levi, MBBS FRACS; @DrEricLevi
  7. Bryan Vartabedian, M.D., @Doctor_v

If you like this you might like our 33 charts COVID-19 Archives.

The post COVID-19 Update – A Message from Concerned Physicians appeared first on 33 Charts.

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February Employment Situation

By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…

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By Paul Gomme and Peter Rupert

The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.

Temporary help services employment continues a steep decline after a sharp post-pandemic rise.

Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.

The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.

The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.

Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.

As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.

Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.

The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.

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Mortgage rates fall as labor market normalizes

Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

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Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.

The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.

From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250


Below is an explanation of how we got here with the labor market, which all started during COVID-19.

1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.

2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.

Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.  

2-US_Job_Quits_Rate-1-2

3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too

Total employment data

4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels. 




From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.

Here are the jobs that were created and lost in the previous month:

IMG_5092

In this jobs report, the unemployment rate for education levels looks like this:

  • Less than a high school diploma: 6.1%
  • High school graduate and no college: 4.2%
  • Some college or associate degree: 3.1%
  • Bachelor’s degree or higher: 2.2%
IMG_5093_320f22

Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.

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Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January…

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Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush. 

What happened? Let's take a closer look.

On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.

Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.

Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K,  a 124K revision, which was the biggest one-month negative revision in two years!

Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.

To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).

And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...

... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...

... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.

While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.

But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).

This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.

There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).

Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!

But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!

The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!

Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...

Source: St Louis Fed FRED Native Born and Foreign Born

... but there has been zero job-creation for native born workers since June 2018!

This is a huge issue - especially at a time of an illegal alien flood at the southwest border...

... and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin.

Which is also why Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.

Tyler Durden Fri, 03/08/2024 - 13:30

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