Because of the sweeping layoffs and closures caused by the coronavirus pandemic -- the effects of which were felt as early as March -- the economy is bruised and battered. The question on everyone's mind is, of course, how these turbulent economic conditions may affect them. Here are three things that are likely to remain higher than usual for the foreseeable future: 1. Unemployment. Looking to get a better job? With over 40 million Americans filing for unemployment during the pandemic and the real jobless rate purported to be at a staggering 24%, you might be better waiting out the economic storm. While the number of weekly jobless claims has dropped eight straight weeks since topping out at 6.9 million in April, it still marks 10 consecutive weeks with claims exceeding 2 million. To put this in perspective, before the coronovirus prompted the shutdown of  businesses across the U.S., weekly U.S. unemployment claims had averaged 218,000. Needless to say, those applying ...

There's no question we've been living in a different world the last couple of weeks -- one that has upended our routines and made Zoom meetings, food delivery, and shopping for virtually everything through Amazon our new, sometimes unpleasant reality. No event has felt this disruptive and widespread since the global recession of 2008. While back then we were dealing with a global financial crisis, this time, as President Donald Trump put it, we are grappling with an invisible enemy. So just how will the world be different once this pandemic is behind us? As was the case with the Great Recession, people are going to retrench for a while. From souped-up cars and big vacations to fancy clothes, consumers are going to put the kibosh on high-end purchases until they feel that (1) the economy is mending (2) their financial affairs are in order. The first order of business for many will be finding a job. Those who have been fortunate enough to still have jobs may be contem...

At the time of this writing, confirmed global cases of coronavirus surpassed one million. The world is grappling with an unprecedented pandemic -- the likes of which most of us have never witnessed before in our lifetimes. COVID-19 has claimed close to 53,000 lives throughout the world, and that number is  expected to surge in the next week or two. Nearly 6,000 people have died in the United States alone -- well over 2,000 more casualties than China. Italy still leads with a staggering 14,000 deaths, followed by more than 10,000 reported in Spain. The coronavirus has sent markets reeling and caused businesses big and small -- from bars and restaurants to theaters and hotels -- to shut their doors and lay off or furlough workers. Indeed, the outbreak is taking a heavy mental and financial toll on everyone from medical staff on the front lines to entrepreneurs to stay-at-home moms. A whopping 10 million Americans applied for unemployment benefits in March. Some experts ...

Is having too many choices good or bad? Some might say it's a good thing, as it allows you to pick what best suits your needs. Others contend it can be a bad thing in that it causes you to second guess your decisions, especially if the alternatives are fairly comparable. We face this type of conundrum on an almost-daily basis. Which job offer should I accept? Which computer should I buy? Which of these two guys should I become exclusive with? About a month or two before graduating from college, I was hitting the pavement hard in hopes of landing a full-time job. (Mind you, this wasn't long before the global recession began.) I went on a flurry of interviews and was offered nearly every position I applied for. I turned down the first two because I thought the salary being offered was a tad low. Besides, I didn't want to run after the first opportunity that came my way; I wished to take a little more time testing the job market waters. Unfortunately, the positio...

If you could relive any phase of your life, what would it be? For me, it would be my college years, hands down, and many of my friends, relatives, and co-workers echo that very sentiment. And it's not because I miss drunken fraternity parties or on-campus events. For starters, I don't drink and I was never in a fraternity. Because I was a commuter student, I never actually lived on campus and thus didn't have the quintessential college experience. Still, I loved college because the academic atmosphere suited me. I always excelled in school (thanks largely to my mom, who instilled in me a passion for learning) and felt completely in my element. Even though I got a part-time job during my junior year, I still considered school my top priority. Indeed, I was one those reviled nerds who enjoyed reading voraciously and writing papers. One of the best aspects of college -- it's probably the one I miss the most -- was the flexibility it afforded me. When you're i...

U.S. companies didn't do much hiring last month. According to the Labor Department's latest report, only 160,000 jobs were added in April -- considerably fewer than the 197,000 jobs economists had anticipated. As a result, the unemployment rate stayed at 5%. This has many people worried that the U.S. economy has slowed, despite two years of strong hiring. The disappointing report adds fuel to the argument that 2016 has gotten off to a slow start. And we all know that when the U.S. economy is mired in a slump, it has serious implications for the rest of the world. I check the job boards every so often and still don't see as many positions available now -- at least not in my industry -- as in 2007, right before the recession struck.  Still, many Americans have begun looking for work in recent months, hopeful they can find better-paying opportunities. April saw a decent lift in wages -- which grew 2.5% annually -- but that's still below the 3% to 3.5% tha...

A Pennsylvania company that publishes business newsletters will pay about $1.75 million to thousands of employees who were told to clock out while taking short breaks, including for the restroom. A federal judge has given the U.S. Department of Labor and the Malvern-based company, American Future Systems Inc., until Thursday to submit proposals on managing payment. The company contended that it wasn't required to pay employees for short breaks. The bill includes damages and back pay to 6,000 employees at offices in New Jersey, Ohio, and Pennsylvania between 2009 and 2013. The Department of Labor filed a lawsuit in 2012 stating the company violated the federal Fair Labor Standards Act because employees weren't earning minimum wage when the company required them to clock out for breaks. I feel sorry for all the employees who had to pay the price for the company's blatant flouting of the law. With the economy still recovering from the recession, people throughout the...

I recently read an article stating that 62% of Americans have less than $1,000 in savings. What's worse, 21% of them don't even have a savings account! Supposedly, Americans have been saving more since the global recession, but the stat above doesn't seem to bear that out. One of the most discussed topics on this forum is consumer behavior, as my background is in psychology and marketing. It's imperative that Americans -- and people throughout the world, for that matter -- practice saving responsibly. The best way to save money is by living below one's means. Spending hundreds of dollars on clothing and food every week doesn't help your pocketbook in any way,  especially if you have the tendency to run up your credit card bills and pay late. I'm not saying you can't treat yourself to a good meal here and there, but spending -- just like eating amd drinking -- should be done in moderation. As I tell many of my cash-strapped friends, sometimes ...

I am firmly convinced that most stores now regard October 1 as the official kick-off date for the holiday season. Yesterday, my wife and I went to Denny's for dinner. I looked at the menu and couldn't help but notice that they've already made available holiday dishes and desserts -- and we haven't even celebrated Halloween yet! I find it jarring to spot wreaths, turkey ornaments, and Christmas lights on display at stores like Walmart and Walgreens so early in the year. Retailers have coupled Halloween, Thanksgiving, and Christmas together -- it's as if they comprise a "holiday quarter" that begins in October and ends in December. I see both pros and cons to this approach. For one, consumers might find it convenient to purchase all their holiday decorations in one shot. What's more, they likely can take advantage of special offers that might otherwise not be available to them if the items were rolled out in separate months. However, this speaks ...

While men become preoccupied with women's looks, many women make men's resources one of the top items on their wish list -- despite the fact that many of them may deny this. It's no secret that most men make considerably more money than their female counterparts in the workplace. What's more, women were hit especially hard by the recession, with some still struggling to land positions that pay as well as the jobs they lost during the downturn. Two of my closest friends are in relationships with women who aren't nearly as well off as them. But I see this quite frequently with women at work -- it's their husbands who seem to be retiring first, and, yes -- the men are older. There may be instances where the woman in the relationship just doesn't want to work hard and figures she can just lean on her guy, the more ambitious of the two, for financial support. Nevertheless, a woman who says she doesn't care at all about a man's resources is likely ...