3.8m workers signed on for the first time last week, bringing America's unemployed headcount to 30m. The number of new filers was down from 4.4m last week, a slow dropoff that suggests layoffs will continue at an unprecedented scale for weeks to come.
Roughly 30.3 million people have now filed for jobless aid in the six weeks since the coronavirus outbreak began forcing millions of employers to close their doors and slash their workforces. That is more people than live in the New York and Chicago metropolitan areas combined, and it’s by far the worst string of layoffs on record. It adds up to more than one in six American workers.
With more employers cutting payrolls to save money, economists have forecast that the unemployment rate for April could go as high as 20%. That would be the highest rate since it reached 25% during the Great Depression.
They aren't even packaging charts with these stories anymore, because it's just a flat line that becomes a vertical line at the end and no-one wants to look at it anymore.
Behind the sensationalist headlines about the largest pullback in US history, there’s a lot of nuance and complexity, but the overall message is clear: the US economy is in big big trouble, especially the services sector. Economics Explained takes a deep dive and asks the question: is this the end of an empire?.
I’m a huge fan of GiveDirectly, who does tremendous work with direct cash transfers for people in poverty — essentially, micro-scale experiments in Universal Basic Income, with long-term data impact studies. As they describe themselves: GiveDirectly is the first — and largest — nonprofit that lets donors like you send money directly to the world’s poorest. […]
I have, several times, heard the reasonable-sounding theory that America’s at work pooping minimized the need for THAT MUCH retail toilet paper. Purportedly there are tons and tons of business-grade TP piling up unused. What Everyone’s Getting Wrong About the Toilet Paper Shortage There’s another, entirely logical explanation for why stores have run out of […]
If the last 50 years of education have taught us nothing else, it’s that it often requires different tactics to best reach different learners. To pick up a foreign language, some students take best to the old-school high school language lab method, using heavy repetition, verb conjugation and grammar emphasis to embed a new language. […]
For those who want a career in video games, there’s no reason to sit around and wait. EA and Rockstar Games probably aren’t going to seek you out and knock on your door with a job opportunity. But if you’re an indie developer with a good idea and some passion, you can create a really […]
Nobody is happy about the current state of our COVID-ravaged education system. With a new school year fast approaching, plans for teaching students still in flux, and political in-fighting driving more fear and confusion about whether or not to re-open campuses, teachers and parents are concerned. Meanwhile, most kids are just fine with spending less […]