California is now entering a “pandemic-induced recession,” according to Governor Gavin Newsom, as coronavirus continues to impact the world economy.

Newsom said in a press conference Friday he has started a workgroup called the Governor’s Taskforce of Jobs and Business Recovery, comprising of all past living California governers and economic leaders from across the state.

“We are now in a pandemic-induced recession here in the state of California,” Newsom said. “We have to begin to work through each and every sector of our economy to put together tangible actionable ideas for short-term, medium- and long-term economic recovery.”

Newsome was “sobered by the reality of the past few weeks” with 3.1 million Californians who have filed for unemployment insurance.

5.3 percent of Californians are now unemployed, when unemployment is usually at about 3.9 percent, according to the governor.

The advisory panel is set to include over 80 members, including Disney Chairman of the Board Bob Iger, Apple CEO Tim Cook and former Chair of the Federal Reserve Janet Yellen.

Former presidential candidate and investor, Tom Styer, is co-chairing the workgroup along with Newsom who introduced the “broader purpose” of the new initiative.

“Health and safety have to be paramount in California here, but everyone is also hurting economically,” Styer said. “People are worried about their jobs and their families.”

Styer noted the state is putting “economically challenged” areas as the first priority of the workgroup.

The mission statement of the task force is to develop a strategy to help California recover as fast and as safely as possible from the COVID-19-induced recession and create a fair, green prosperous future.

Newsom discussed the “roadmap for recovery” and what is required to reopen the state.

See Related: California, L.A County Leaders Discuss Next Steps For Lifting Coronavirus Restrictions

The governor described a six-pronged framework that is needed before the state can implement major changes to the state’s stay-at-home orders, including a widespread expansion of coronavirus testing and “vigilant” protection against infection of California’s most vulnerable residents.

Newsom said California would use six indicators to determine when to relax social distancing measures:

Monitor and protect communities through testing, contact tracing, isolating and supporting those who are positive or exposed. Prevent infection in people who are at risk for more severe COVID-19. The ability of the hospital and health systems to handle surges. Develop therapeutics to meet the demand. The ability for businesses, schools and child care facilities to support physical distancing. Determine when to reinstitute certain measures, such as stay-at-home orders, if necessary.

“There is no light switch here. Think of it as a dimmer. It will toggle between less restrictive and more restrictive,” said Newsom. “I don’t want to make a political decision that puts people’s lives at risk and puts the economy at even more risk by extending the period of time before we can ultimately transition and get people moving again.”

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