Here are a few articles in the last few days describing the economic catastrophe that is expanding daily as we watch. Estimate is out that one out of four employees in Los Angeles are out of work. Higher education as an industry is in danger.
4/14/20 – American Enterprise Institute – The International Monetary Fund’s coronavirus reality check – The IMF expects a worse downturn than the ‘08/’09 Great Recession. Global output is expected to have a US$9 trillion loss in output from what would have been expected.
For the US and Europe the loss will be equal to two years worth of economic growth.
4/17/20 – LAist – LA’s Latest Unemployment Numbers Are Staggering. An Estimated 1.3M Jobs Have Already Been Lost – Percent of LA county residents who are employed is estimated at 45%. That is down from 61% in March. The difference is 16%. Divide that by the 61% employed prior month indicates 26% of the people working a month ago are now unemployed. Data is from researchers at USC.
Continue reading “Additional indications of economic destruction from the shutdown.”