One Chart Shows Coronavirus’ Stunning Job Losses

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Job seekers wait in line at the JobLink Career [+]

 

The U.S. Department of Labor reported unemployment insurance claims for the week ending Saturday, April 11, came in at 5.245 million, a decline of over 1.4 million from the prior week, but still the third highest weekly total ever recorded. The coronavirus has driven the four-week total over 22 million, and the past seven weeks of claims have been:

Unfortunately the job losses and unemployment claims probably won’t fall to zero or even close to it next week and above average claims will probably persist for the next few weeks and maybe even a month or two.

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Why are robotics companies dying?

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Rethink Robotics shuttered its doors and closed for good on October 4, 2018. For many casual observers the collapse of a much-celebrated company, founded by preeminent artificial intelligence (AI) researcher and minor celebrity Rodney Brooks was a surprise. To others it’s just the latest indication of the trouble in robotics land. According to the company, Rethink Robotics was forced to shut its doors when it couldn’t find additional funding, and in a final attempt to sell the company and/or its assets it couldn’t find a buyer.

Rethink Robotics wasn’t the only robotics company forced to close its doors in the past year. Mayfield Robotics, developers of the social robot Kuri, closed down a few months before Rethink in August 2018, despite just making its debut one year earlier at CES 2017. Prior to that, Jibo, makers of a personal robotics device also shut down even after having raised over $70 Million. These companies shut down despite collectively raising several hundred million dollars in funding and developing their products over many years.

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Harvard Business School professor: Half of American colleges will be bankrupt in 10 to 15 years

This fall, 19.9 million college students will be traveling to college campuses across the United States to start a new school year. There are over 4,000 colleges and universities in the United States, but Harvard Business School professor Clayton Christensen says that half are bound for bankruptcy in the next few decades.

Christensen is known for coining the theory of disruptive innovation in his 1997 book, “The Innovator’s Dilemma.” Since then, he has applied his theory of disruption to a wide range of industries, including education.

In his recent book, “The Innovative University,” Christensen and co-author Henry Eyring analyze the future of traditional universities, and conclude that online education will become a more cost-effective way for students to receive an education, effectively undermining the business models of traditional institutions and running them out of business.

Also, check out Futurist Thomas Frey’s prediction about emerging new edtech.

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A tsunami of store closings is about to hit the US — and it’s expected to eclipse the retail carnage of 2017

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More than 12,000 stores are expected to close in 2018 – up from roughly 9,000 in 2017, according to Cushman & Wakefield.

A rash of bankruptcy filings and announcements to close stores are expected at the start of the year, when retailers are flush with cash from the holiday season.

Among the companies most likely to file for bankruptcy within the next year are Sears, Bon-Ton Stores, Bebe Stores, Destination Maternity Corp., and Stein Mart.

The closings would push hundreds of shopping malls to the brink of death.

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Nine times when it makes sense not to pay off debt

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You really shouldn’t rush out and take on debt, but there are times when it actually makes sense not to pay it off.  All debt is not alike. Some of the worst kinds, such as unsecured credit card debt, can wreck your budget, but even there, you have cases where it won’t, and it could even work to your advantage. Other kinds of debt might seem imposing with those big red “Past Due” stamps but pose less of a threat to your financial future.

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Recently bankrupt Vallejo, California is now a model for other U.S. cities

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Vallejo, CA became the largest city in America to declare bankruptcy in 2008.

The working-class port city of Vallejo, California became the largest city in America to declare bankruptcy in 2008.  Crime and prostitution surged as the police force was thinned by 40 percent. Firehouses were shuttered, and funding for libraries and senior centers was slashed. Foreclosures multiplied and home prices plummeted.

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Top 10 brands that will disappear in 2012

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Sears is one of the brands expected to disappear within the next 18 months.

A new list of brands that will disappear in 2012 has been created by 24/7 Wall St.  The list includes Sears, Sony Pictures, American Apparel, Nokia, Saab, A&W All-American Foods Restaurants, Soap Opera Digest, Sony Ericsson, MySpace, and Kellog’s Corn Pops.

 

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Baby Boomers Face Uncertainty, Fear Outliving Their Retirement Savings

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Many baby boomers fear they have not saved enough and will run out of money during their retirement.

Nearly half of baby boomers face so much uncertainty that they fear that their retirement will result in poverty, according to a new study by California-based investment advisers Financial Engines.

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Financially Distressed Cities Turning to States for Money as an Alternative to Bankruptcy

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Harrisburg, Pa. has sought refuge in the haven that states provide as alternatives to bankruptcy court.

Harrisburg, the capital of Pennsylvania, dodged financial disaster last month by getting money from the state to make a payment to its bondholders. It did so even though the state warned that the money had to be used for city workers’ pensions.

 

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Fees Add Up in the Bankruptcy Megacases Like Lehman’s

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 Fees for the Lehman bankruptcy alone could easily touch the $1 billion mark.

More than $263,000 for photocopies in four months. Over $2,100 in limousine rides by one partner in one month. And $48 just to leave a message. Explanations for these charges? Priceless.

The lawyers, accountants and restructuring experts overseeing the remains of Lehman Brothers have already racked up more than $730 million in fees and expenses, with no end in sight. Anyone wondering why total fees doled out in the Lehman bankruptcy alone could easily touch the $1 billion mark merely has to look at the bills buried among the blizzard of court documents filed in the case.

 

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