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Photographer: Timothy A. Clary/AFP via Getty Images
economics

How the Pandemic Jobs Bust Hurts Some More Than Others

When the U.S. economy goes south, the last in are usually the first out.

How the Pandemic Jobs Bust Hurts Some More Than Others

When the U.S. economy goes south, the last in are usually the first out.

A deserted 42nd Street is seen in midtown New York on April 19.
Photographer: Timothy A. Clary/AFP via Getty Images

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Just a few months ago, the economic debate about employment centered on how low the jobless rate could go. Now, with tens of millions out of work across the globe, it’s about how bad it can get. On this week’s episode, host Stephanie Flanders and economy reporter Katia Dmitrieva discuss how those “last in” to a boom economy are usually the “first out” in a downturn. Focusing on seven case studies, they discuss how minorities, young people and women who benefited from the historic surge in employment will be the ones who suffer most—and for longer. 

In Europe, the coronavirus continues to hit countries hard, yet many people have been able to keep their jobs, with at least 45 million having their wages paid by the state. Flanders talks with Bloomberg Eurozone Economist Maeva Cousin about the cost of keeping these people paid, and how governments will wean companies off this vital support.