May 7, 2020

Millions of baby boomers are getting caught in the country’s broken retirement system

“Half of American families in the 56-to-61 age bracket had less than $21,000 in retirement savings in 2016…Forty percent of Americans over the age of 60 who are no longer working full-time rely solely on Social Security for their income — the median annual benefit is about $17,000.”

US weekly jobless claims total 3.169 million, bringing seven-week tally to 33.5 million

The layoffs associated with social distancing practices have wiped out all of the job gains the economy has seen since the recovery from the Great Recession.

Layoffs Start Turning From Temporary to Permanent Across America

Uber Technologies Inc. on Wednesday became the latest major company to announced long-term layoffs, saying it would be eliminating 3,700 jobs, or 14% of its staff worldwide. A day earlier, Airbnb Inc. said it was cutting 25% of its workforce, or about 1,900 people worldwide.

U.S. mortgage firms push for support as borrowers halt payments

The surge in delayed payments could leave mortgage service companies…with a liquidity shortfall of as much as $100 billion over the next nine months, according to the MBA

Opinion: How the coronavirus pandemic could forever change home buying and mortgage lending

  • Increased digitization
  • Delivering consumer relief with scale and speed
  • Leveraged technology to serve borrowers

A massive drop in car sales sparks new push in Congress to aid the auto industry

Driving the downturn is a growing reticence among consumers to make large purchases at a moment when their jobs and incomes are far from guaranteed.

As Restaurants Remain Shuttered, American Cities Fear the Future

We have heard estimates that as much as 50 percent of the restaurants that have closed may not reopen…hat is really troubling when we think of our economy, the job market and the district’s bottom line.”

The alarming rise of algorithms as heroes of the stock recovery

“It would’ve created massive uncertainty and exacerbated the problem tremendously…If there was ever a question that technology and innovation is the future of Wall Street, we’re seeing that future right now.”

The Office You Left Is Not Going to Be the Office You Return To

“The workplaces that we left are not going to be the workplaces that we go back to…We’re going to have to learn a new way of interacting with each other that was not the way we were interacting a few months ago.”

Iowa school district sends Wi-Fi vans into vulnerable communities as coronavirus keeps students home

Six vans equipped with Wi-Fi have been serving as hotspot connections in Sioux City’s most vulnerable communities.

Norwegian Cruise Line warns of “substantial doubt” about its future

Norwegian said it may lack sufficient funds to meet its financial obligations for the next year and that it could not be certain of its ability to raise more money on acceptable terms. Those challenges mean there is “substantial doubt” that it can “continue as a going concern,” the filing said.

Read more at VicNapier.com and my Medium.com page.

Links may lead to sites where the author has an affiliate relationship.

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