A majority of Americans polled said they couldn’t afford to pay emergency expenses or cover their living expenses for just one month if they lost their primary source of income, according to Bankrate’s latest Annual Emergency Savings Report. The main reason cited is record-high inflation.
The majority surveyed, 68%, said they’re “worried they wouldn’t be able to cover their living expenses for just one month if they lost their primary source of income.”
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The Department of Labor reported Thursday that over 1.19 million Americans filed additional claims for unemployment last week, a slight decline from the approximately 1.4 million in each of the past two weeks.
Though the number of Americans filing for unemployment was less than the 1.4 million expected to do so this week, CNBC reported, the recent news release marks the 20th week in a row that new unemployment claims have been above one million.
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Tennessee distributed unemployment benefits to more than 290,000 people last week as the number of jobless workers remains high due to the new coronavirus outbreak.
The Tennessee Department of Labor & Workforce Development reported Thursday that more than 21,000 people filed new claims for unemployment benefits during the week that ended last Saturday.
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The oil and gas industry lost 26,300 jobs in April, the largest drop of industry jobs in a single month, according to job data dating to 1990.
Texas saw a record surge of more than 2 million claims for unemployment in roughly a six-week period after Gov. Greg Abbott’s executive order in March shut down businesses he deemed nonessential to prevent the spread of the coronavirus, and to tanking oil prices resulting from an oil war between Saudi Arabia and Russia. The economic fallout also sent commodity prices to historic lows.
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Robots aren’t replacing everyone, but a quarter of U.S. jobs will be severely disrupted as artificial intelligence accelerates the automation of existing work, according to a new Brookings Institution report. The report, published Thursday, says roughly 36 million Americans hold jobs with “high exposure” to automation — meaning at least 70 percent of their tasks could soon be performed by machines using current technology. Among those most likely to be affected are cooks, waiters and others in food services; short-haul truck drivers; and clerical office workers. “That population is going to need to upskill, reskill or change jobs fast,” said Mark Muro, a senior fellow at Brookings and lead author of the report. Muro said the timeline for the changes could be “a few years or it could be two decades.” But it’s likely that automation will happen more swiftly during the next economic downturn. Businesses are typically eager to implement cost-cutting technology as they lay off workers. Some economic studies have found similar shifts toward automating production happened in the early part of previous recessions — and may have contributed to the “jobless recovery” that followed the 2008 financial crisis. But with new advances in artificial intelligence, it’s not…
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