Moneda Moves (55) : When job security is not a given - a record 3.3M jobless claims
If there's anything these last few weeks that working and living in the time of COVID-19 has taught us it's that nothing is a given: Not our health, financial stability or overall wellness. Just this week, there were a record 3.3 million Americans who filed for unemployment. This is about double what economists forecast and is an immense blow for anyone, but especially those who already live paycheck-to-paycheck.
"A definite and unmistakable sign the United States has entered a recession," Chief Economist Scott Anderson of Bank of the West wrote in a note to clients, per USA Today.
To all of you Moneda Moves readers, what are you reading or doing to stay positive? In the midst of uncertainty, it helps to touch base with communities and strong networks. It certainly has worked for me -- to stay in touch with family, friends, relatives digitally and to continue attending and organizing professional talks online. A few communities and resources I'm leaning into include:
Rebel One: Organized a pitch night for founders tackling issues exacerbated by COVID-19 and enables networking opportunities online. The site will be posting a recap of the pitch night and may host more in the future for anyone interested in joining
Latinas Who Brunch: A group of supportive and professional Latinas who come together to discuss personal and professional growth. They've successfully transitioned online as well
Techqueria: The biggest community for Latinos in tech in the U.S. has done a great job of moving events online. Recently, they hosted a Q&A with NASA Systems Engineer Elio Morillo on Zoom (which is turning out to be a real MVP for staying connected)
Work Train Fight: Online training sessions via Zoom with some of my favorite trainers. Just because the gym shuts down doesn't mean we can't get our endorphin kick
Salud With Erika: Erika is reminding us of how to keep up healthy habits in the midst of quarantine. She streams her yoga sessions live and does a great job engaging her followers
Continued support for my favorite small businesses that I want to see rise coming out of the COVID-19 crisis
This helps bring a level of relief, especially when consuming a steady stream of new information both personal and from news. What are you watching, reading or engaging in?
Con poder,
Lyanne
Keep tabs/cuentas on what's happening at the intersection of Latinos and money.
Coronavirus layoffs hit Latino and Black community the hardest: Employees working in small businesses, restaurants, hotels, bars and manufacturing have recently lost jobs with the growing gravity of the coronavirus pandemic. But as current reporting and historical evidence show, Latino and Black communities will be severely impacted. Many work in industries that don't have comprehensive benefits or won't be able to work from home. According to the Center for American Progress, only 16% of Latino workers and 20% of black workers are able to work from home, compared with 30% of white workers.
In the 2008 recession, communities of color overall saw their wealth decline and have yet to fully recover. For Latinos, median wealth fell to $38,900, a 55% decline since 2007. This article comes from Deborah Barfield Berry at USA Today.
Cuba grapples with shortages amid coronavirus: In a televised announcement earlier this week, Cuba's government announced that stricter measures would be set in place to combat coronavirus. Schools are now suspended to prevent the spread of COVID-19 and people are being encouraged to stand three feet apart from each other. However, locals in the neighborhoods of Havana are faced with even more critical issues. Some households don't have soap or running water. The island overall is facing shortages in basic goods, especially following the Trump administration tightening of the embargo. The full report comes from Orlando Matos and Carmen Sesin and NBC News.
Put your money/monedita where your mouth is! Some money updates for thought.
Life for traditional Latino vendors and taco truck workers living day to day: If we talk about one of the industries that can be affected the most by social distancing, it's the restaurant business. While many have pivoted to take-outs and delivery, even some businesses that were always takeaway have begun to struggle. Take for instance, taco trucks, which line the streets of so many neighborhoods in Los Angeles. Even an LA staple like Los Originales Tacos Árabes de Puebla put out a call for help on its Instagram last week with a post that read:
“Our business is really down, and if it doesn’t pick up by this weekend, we will have to close." (As reported by Eater.)
(Credit: Tacos Arabes de Puebla IG)
Since then, the community seems to have come through for the business which posted about being sold out just a few days ago on Instagram. However, there are workers who worked at taquerias and have been sent home with a more uncertain future ahead. The Los Angeles Times did a very strong report on what their stories look like.
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