Tag: Recession

Unemployment Rate Soars to 14.7 Percent, the Worst Since the Great Recession

Unemployment Rate Soars to 14.7 Percent, the Worst Since the Great Recession

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The U.S. unemployment rate soared to 14.7% in April, surpassing the worst figure of the Great Recession, as the coronavirus caused 20.5 million people to lose their jobs.

The 10.3% increase from March, when the rate was 4.4%, is the largest jump since the government began to collect employment data in 1948.

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In the motion picture and sound recording industry, the unemployment rate jumped to 31.3%, as some 217,000 people lost their jobs in April, according to the Bureau of Labor Statistics. The unemployment rate in the industry was 1.8% in the March report. The category includes production and theater workers, who were laid off or furloughed as the entertainment industry came to a standstill.

Another 217,000 people lost their jobs in the category of performing arts and spectator sports, and 1,062,000 lost jobs in the sector that includes amusement

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Women's football at risk of 'mass unemployment and recession' due to coronavirus

Women’s football at risk of ‘mass unemployment and recession’ due to coronavirus

The coronavirus pandemic presents an “almost existential threat” to the women’s game, the global union for professional footballers has warned in a groundbreaking report.

FIFPro claims that there is a risk of “mass unemployment and recession” unless stakeholders, policymakers, governing bodies, broadcasting companies and sponsors give “specific considerations to protect the women’s football industry”.

General secretary Jonas Baer-Hoffmann warned on Thursday that Covid-19 poses far greater risks to the women’s game than the men’s and that women’s teams must be given priority access to pitches and facilities once sport resumes to help ensure their survival.

“The damage that a crisis like this can have on an industry that has been growing so well but is still on very fragile feet in many places can be very drastic,” Baer-Hoffman said.

“In a crisis like this, you turn your attention to where the biggest damage is – in this case, commercial damage.

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Coronavirus catapulting US into deepest recession since WW2

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The economic pain caused by the COVID-19 pandemic is just starting to be felt by the world’s largest economy, and it will be the most severe of the post-war era.

U.S. employers shed 701,000 jobs in March and the unemployment rate climbed to 4.4 percent, the Labor Department said Friday, as non-essential businesses were forced to temporarily close their doors to help slow the spread of COVID-19. The virus has infected 1.1 million people worldwide and led to more than 60,000 deaths, according to Johns Hopkins University & Medicine.

The dismal jobs report snapped the streak of monthly gains that had been in place since September 2010 and was just a preview of what’s ahead.

“The decline in nonfarm payrolls, of 701,000 jobs, while a sharp reversal from strong January and February employment

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Recession fears hit Hollywood as work grinds to a halt

Recession fears hit Hollywood as work grinds to a halt

Hollywood stuntman and actor Mike Ferguson had just arrived in San Francisco last week to work on a Western when the cancellations started rolling in.

He watched the news unfold from a hotel room, each day bringing more urgency and more questions. When San Francisco declared a countywide shelter-in-place directive Monday, he had only a few hours to find a flight back to his wife and three daughters in Southern California.

Now, the 48-year-old is self-quarantined in his home for two weeks. He’s one of hundreds of thousands of entertainment industry workers out of a job as productions, releases and live events are canceled or postponed because of the coronavirus outbreak that has already sickened more than 1,000 Californians and more than 230,000 people worldwide as of Friday.

Like so many industries, Hollywood is taking a big hit during the public health crisis. Pilot season, a time when studios rush

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