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Tennessee Economy Projected to Bounce Back This Year

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Tennessee was among the economies that were the hardest hit by COVID-19 in 2020. With its daily case rate peaking last December to become the worst in the country per 100,000 people at the time, Tennessean businesses were forced to close, and many people lost their jobs. But as people adapt and vaccines begin to be rolled out, experts at the Boyd Center for Economic Research are cautiously optimistic that although the state’s economy may take years to return to its pre-pandemic normal, it may be able to bounce back and improve this year.

COVID-19’s effect on the labor market

The spike in cases in March drastically changed consumer behavior in Tennessee in less than a month’s time. Less household spending on leisure activities has led to company closures and mass lay-offs, especially in industries that required in-person interactions such as the restaurant and hotel industry. ThinkTennessee’s research showed that two in five Tennesseans have lost their income since the pandemic first hit, leading to the state’s unemployment rates reaching a record high of 15.5% just a month after the start of the pandemic. Among the most affected were low-income families, Hispanic and Black communities, and women. However, the state was able to rebound to a 7.5% average rate towards the end of 2020 due to factors like government aid and the opening of new businesses. Ultimately, widespread vaccine distribution, which may be possible by the middle of this year, may lead to a more optimistic outlook for employment across the state.

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Entrepreneurship and government aid

The shift in consumer spending provided opportunities for various businesses in the e-commerce space. Many turned to online entrepreneurship as a response to unemployment, catering to household needs that arose due to stay-at-home orders and physical distancing measures implemented by the state. In fact, in mid-2020, applications for new businesses in the US surged to a 13-year-high.

This phenomenon can be attributed to federal government aid and efforts such as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided households and some small businesses much-needed resources to stay afloat. More than 500,000 unemployment insurance claims were filed in Tennessee in March to May 2020 alone, and many have used the benefits from this policy to begin their own small businesses and build from the ground up. Bob Rolfe, commissioner of the Tennessee Department of Economic and Community Development, remarked that they remain hopeful that the entrepreneurial spirit in Tennessee will continue to generate economic growth across the state.

Outlook for state sectors

The pandemic affected various industries in different ways throughout 2020, and this will be the case as Tennessee’s continues to recover. Although accommodation, food services, and healthcare are historically strong sectors in the state, as pointed out in ZenBusiness’ guide to Tennessee, these sectors may take more time to recover depending on the trajectory of the virus. With some 155,000 jobs in the state in healthcare prior to the pandemic, this particular sector will continue to feel the long-term damage of the COVID-19 recession. On the other hand, sectors like the advanced energy industry are predicted to lead to more jobs, as well as Tennessee’s real estate sector, with Nashville home sales 6% higher in 2020 than the previous year, even as sales across the country flattened due to the pandemic.

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The recovery of The Volunteer State, needless to say, has not been and will not be smooth, with the spikes in COVID-19 cases continuing to affect sectors unevenly across the state. But through government aid, the emergence of adaptive industries leading to more jobs, and the expected arrival of vaccines by mid-2021 amidst what is considered one of the darkest points in the history of the country, Tennessee is beginning to see the light at the end of the tunnel.

For the latest on Tennessee and the US economy as a whole, do check out our blog here at Press Insider Daily to stay updated.

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Economy

Everything has been delivered. 10 Bugatti Centodieci are already in the hands of the owners

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Everything has been delivered.  10 Bugatti Centodieci are already in the hands of the owners

OAll Bugatti Centodieci have been delivered, the Molsheim-based brand said on Monday. Cristiano Ronaldo received the number 07 in October this year. and Bugatti has now revealed that the latest unit – #10 – is already in the possession of its owner.

“The Centodieci combines all the values ​​of the Bugatti brand in an extraordinary package: rarity, innovation, heritage, craftsmanship and unrivaled performance. The production batch of 10 units was so in demand by our customers that it was sold before the Centodieci. was even officially presented,” said Christophe Piochon, president of Bugatti.

This latest example is finished in Quartz White with carbon fiber trim on the bottom and matte grilles. The brake calipers are painted in Light Blue Sport, as is the logo on the rear that refers to the EB110, the iconic Bugatti model that inspired this Centodieci. Inside, the predominant color is also blue, as you can see in the images above.

This block is powered by the same block as the other nine instances. The 8.0-liter W16 with four turbines is capable of developing 1600 hp. In terms of performance, this allows the Centodieci to hit 100 km/h in just 2.4 seconds and reach a top speed of 380 km/h.

Recall that each unit costs the owners eight million euros before taxes.

Read also: We already know when the Bugatti Centodieci fell into the hands of Ronaldo.

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Economy

The first Dacia hybrid. “The cheapest hybrid family on the market”

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The first Dacia hybrid.  "The cheapest hybrid family on the market"

BUT Dacia revealed this Monday that the hybrid engine has been available since March on the Jogger, the Romanian brand’s model known to be available with a seven-seat variant.

The Jogger Hybrid 140, Dacia’s first hybrid, will hit dealerships in March, but customers can expect and order it as early as January.

The price has been revealed by Dacia and since it’s only available in the seven-seater SL Extreme, it starts at €28,800. The brand claims it is “the most affordable hybrid family car on the market.”

Available in six existing colors to celebrate the launch of this hybrid, there will be a slate gray version, as you can see in the images above.

Equipped with a 1.6 liter four-cylinder petrol engine with 90 hp, the Jogger is also powered by two electric motors (a 50 hp engine and a high-voltage starter-generator). The total power is 140 horsepower. The electric transmission is automatic, four-speed, connected to an internal combustion engine, and two speeds are connected to an electric motor. This combined technology was possible, according to Dacia, only due to the lack of clutch.

Combined with the energy recovery levels of the 1.2kWh (230V) battery pack and the efficiency of the automatic transmission, regenerative braking delivers all-electric traction on 80% of urban journeys and saves up to 40% of fuel compared to a combustion engine vehicle.

Read also: Dual-fuel Dacia Jogger Eco-G. We tried 5 seater and LPG…

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Economy

See how Tesla tests its electric Semi truck in the worst-case scenarios

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Tesla Semi camião elétrico testes

Tesla has finally been able to bring its long-awaited Semi to market. This electric truck promises to revolutionize transportation and bring all the unique characteristics of this type of electric vehicle to this class of vehicles.

Now that the first units have been delivered, there is hope that they will finally be mass-produced and reach more transport companies. With so many promises to be kept, a new video is now emerging showing Tesla testing its Semi truck under worst-case scenarios.


Tesla Semi is already on the market

Like all Tesla electric vehicles, Semi follows the same line of creating a unique design associated with a platform with the most modern technology available. The proof is in what was presented to the public and surprised most people.

To prove the quality of this new proposal, Tesla published in your LinkedIn account new video. In it, he reveals some of the testing he's done to determine the strength and quality of the Semi's design and its (potential) durability.

Tests to prove its durability

It has been revealed that the Tesla electric truck is subjected to numerous tests and its application in the worst scenarios that drivers may face. It doesn't stop at the ruggedness of the Semi's designs, but goes further and focuses on the motors and batteries themselves.

This is the proof that many have been waiting for to ensure that this new proposal is not limited to a lot of autonomy. Its resistance is great and will provide greater durability, further enhancing the Semi's value and performance.

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high quality electric truck

Tesla has already showcased the Semi's quality with a video showing its truck driving roughly 500 miles on just one charge. The big news here is that he managed to make this long journey with a maximum load of about 37 tons.

Now Tesla remains to widely place the Semi on the market. At the moment, only a few companies have access to this new product, with a very long list of pending deliveries, who want to start mass-using this electric truck offering.

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