IMF: Worst economic slump since Great Depression

Everyone is wondering what the economy will look like on the other side of this whole thing. As time goes on, the picture is becoming a little clearer, and many economists are offering their forecasts. Starkest of all perhaps is the IMF’s latest projection. Here’s what the New York Times reported this morning: In its World Economic Outlook, the I.M.F. projected that global growth will contract by 3 percent in 2020, an extraordinary reversal from earlier this year, when the fund forecast that the world economy would outpace 2019 and grow by 3.3 percent. This year’s fall in output would …

Another 6.6M down, totaling ~17M job losses this month.

Job losses continue to mount. This morning’s Department of Labor figures via The New York Times showed 6.6 million more filed for unemployment last week, bringing this month’s total to nearly 17 million. This is by far the sharpest decline on record. Stay tuned for the official unemployment rate to rise significantly over the next few weeks. In related news, it appears the market has already priced in these figures, even though the jobless claims were higher than forecasts. The S&P 500 is trading up 1.67%, with work tech companies scoring big this week (below).

The labor market may lose 29.7 million jobs through May.

In this morning’s newsletter from The Wall Street Journal’s Real-time Economics, analysts estimate that the US may have a 16% unemployment rate by the time summer shines its bright and smiling face. This morning’s BLS data shows job losses mounting to over 700,000 in March, with the unemployment rate rising to 4.4%. So, you might have to revise all those content marketing assets that begin with “In a tight labor market …” Together we’re going to stay afloat in these troubled waters ahead.

Record unemployment claims: 6.6 million

According to jobless claims data from officials released this morning, 6.6 million people filed for unemployment last week. The week before that? Over 3.3 million. That means in just the last two weeks we’ve had 10 million people apply for unemployment benefits. A New York Times story covers the widening toll on jobs due to COVID-19. These are staggering numbers, but if there’s one industry that can help stop the bleeding, it’s work tech.

I can't prove it, but I can say it. — Stephen Colbert Buy the ticket, take the ride. ― Hunter S. Thompson I used to do drugs. I still do, but I used to, too. — Mitch Hedberg

How Strategic Is Employee Scheduling?

Before I started the agency (way back near the turn of the century), one of my early marketing positions was with a time-and-attendance and employee scheduling company. I had moved from Austin to Boston to take the job. My wife and I had never lived outside of Texas, and being newly married with no children we decided to take a chance on New England. It was one of the best decisions we ever made. Jennifer worked downtown and I commuted from Boston’s South End out to Framingham every day to punch the clock (pun intended).


InfluenceHR 2019: Leaving Las Vegas

“A little bit of this town goes a very long way.” That Hunter S. Thompson guy had a way with words. We won’t lie — Las Vegas has been good to us. More specifically, the HR Tech® Conference has been great to us. We’ve been able to grow the InfluenceHR  event each year. We’ve had the pleasure of buying drinks for just about every workplace technology vendor that has ever stepped foot on the expo floor. And just last year, one of our directors won a cool $17 with a fateful pull of a Duck Dynasty slot machine lever.  Needless to …