Economics

• Unemployment claims totaled close to 3 million this past week, bringing the pandemic total to over 36 million jobs lost. (CNBC)
• State unemployment systems can’t handle the volume of applications, and many are still waiting for benefits. Here is the story of one New Yorker: (CNBC)
• You can probably guess which retail sectors were hardest hit in April. Here are the US Retail Sales stats for April: (NPR-read or listen)
• The drop in CPI last month was the largest ever. (USA Today) (MarketWatch) (CNBC).
• But you may have noticed that grocery prices have increased, since that is probably the only thing you are buying much of these days. In fact, they have increased more than they have in 40 years! (USA Today)
• PPI dropped 1.3% in April—an historic drop—as Fed Chair Jerome Powell discussed the uncertain economic future (Yahoo Finance).

 In particular, he cited that 40% of households employed with a job in February making under $40K per year lost that job in March.

• One in four restaurants will likely not reopen once restrictions are lifted. (USA Today) I know our favorite restaurant will not. (WSJ-subscription) (This article looks beyond the restaurant to how suppliers and investors and making adjustments. 
• Many small businesses will never reopen either. (WAPO-subscription)

Investing

• Fed begins to buy corporate debt in a big way, beginning with $305 million of ETFs. (Business Insider)
• Eater San Francisco takes an in-depth look at the possible Uber purchase of Grubhub. Forbes weighs in as well.

Student loans

• A bit of GOOD NEWS! Federal student loan rates were announced for the 20-21 academic year, and they have dropped to historic lows. (MarketPlace)
• The coronavirus is the likely explanation for the large DROP in students applying for financial aid for next year. (WSJ-subscription)

Gen Z

• “Why Gen Z will be hit the hardest by the financial fallout from coronavirus.” CNN

Pitfalls

• With everyone working/studying from home, protect yourself from hackers who are having a field day! (Institutional Investor)

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