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Pace of layoffs tests states’ unemployment benefits fund as 33m jobless Americans make claims in past seven weeks 
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Government indecision amid the coronavirus crisis has fuelled fears of a long recession – unless there is a huge fiscal response
Graham Watson's insight:
Today's must read article, in my view. Phillip Inman looks at the parallels between the Great Depression and the coronavirus outbreak and suggests that far from there being a clean 'V-shaped' recession, the recovery from coronavirus is likely to be far slower, not least because the US-China trade war is still ongoing.
It has been a staggering few days, and weeks, and it looks likely that we're still far from out of the woods.
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The FT's chief economics commentator Martin Wolf examines the global economic impact and looks at the social and political consequences, comparing it with the Great Depression of the 1930s and the 2008 global financial crisis.
Graham Watson's insight:
The FT's Martin Wolf looks at the global implications of coronavirus - not much in the way of production quality, as you'd expect with him working from home but insight into the potential costs of the pandemic.
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Kristalina Georgieva compares today with “roaring 1920s” and criticises UK wealth gap
Graham Watson's insight:
The Head of the IMF has expressed concerns about the prospects for the global economy arguing that the current situation resembles the 1920s.
She is also concerned about levels of inequality, notably in the UK, and other developed economies, where the top 10% of the population control more wealth than the bottom 50%.
What with that and trade tensions, the prospects for the global economy this year don't look great. Then again, most of my students could have said that...
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The scale of the rise in US unemployment is unprecedented - whereas seven weeks ago, unemployment was at its lowest level in 50 years, today US unemployment stands at close to 20%, something not seen since the Great Depression.
It has put immense pressure on the unemployment funds of individual states, some of which are going to struggle to cope, such as California and North Carolina, and it also represents a seismic shock to both the demand-side and the supply-side of the US economy, which you should be able to draw.
Of longer-term concern is the possibility of hysteresis, or labour market scarring which might adverse affect the position of the LRAS curve.