The Daily Valet. - 5/1/20, Friday
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Friday, May 1st Edition
Anyone else really digging the music in “Normal People”?
Cory Ohlendorf , Editor ⋯ @coryohlendorf
Today's edition is presented by
Today’s Big Story
Americans Are Hoarding Cash
The savings rate hits its highest level in four decades
The Labor Department said Thursday that 3.8 million workers filed for unemployment benefits last week, bringing the six-week total to 30 million. According to the New York Times, 42% of those working in February have since lost their jobs or suffered a reduction in their earnings.
With a drop in disposable income, Americans have become so nervous about the state of the economy that they’re stashing cash in the bank at a rate not seen since the first year of Ronald Reagan’s presidency.
The government’s Bureau of Economic Analysis reported Thursday that the national savings rate surged to 13.1% in March—up from just 8% in February, reports CNN. That rate hasn't been seen in 39 years.
“Wary consumers have turned extremely cautious with their spending as they brace for incredibly challenging times,” said Lydia Boussour, senior U.S. economist at Oxford Economics. After all, many Americans entered this economic crisis without much in emergency savings and are burning through much of it to keep up with bills.
Of course, the shutting of businesses and stay-at-home orders have certainly put a dent in consumer spending. According to MarketWatch, some experts believe that all this saving will provide more financial firepower for consumers when businesses start to reopen. And that initial spending boom will help economic recovery down the road—especially because consumer spending accounts for more than 70% of the U.S. economy.
↦ FYI: Spending declined for services, such as health care, dental and food services. Within goods, the leading decline was spending on autos. Grocery expenditures rose by 19.1% in April.
Rent Strike Planned Across the U.S.
Thousands have committed to not paying May rent
As we dip into another month, with the pandemic putting millions of people out of work and increasing financial anxiety across the country, the idea of paying rent for many is a scary one.
Which is why tens of thousands across the country will join one of the largest coordinated rent strikes in decades today, reports NBC News. Landlords in three of America's largest cities—Los Angeles, New York and Philadelphia—are bracing for a wave of missed payments.
While most participating tenants simply can't afford to pay rent at the moment. Others are able to pay but say they won’t, to help bring more attention to the cause, reports the Wall Street Journal.
“People are looking for something to join because they don't know what to do,” said one organizer. “The reason why our campaign is called 'Food Not Rent' is because we're actually telling folks to choose your survival, choose your life, over paying your rent at this point.”
↦ FYI: According to the Urban Institute, 44 million American households rent their primary residence.
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Another Virus Victim
U.S. forfeits global leadership role to China in a time of crisis
President Trump's “America First” policies have been at odds with the traditional U.S. global leadership role that's been in place since the end of World War II, reports NPR.
Many analysts say the most striking example has been the president's approach to the coronavirus—where the U.S. has struggled with the pandemic at home and offered little or no leadership abroad.
As America relinquishes its role, there seems to be a new captain at the helm. According to Foreign Policy, China’s unprecedented push to become a public health superpower has been praised by the World Health Organization.
During both the economic meltdown in 2008 and the Ebola crisis of 2014, the U.S. assumed the role of global coordinator of responses—sometimes imperfectly, the New York Times notes—but with the acceptance and gratitude of its allies and even its foes. But it seems clear now that we're unwilling or unable to lead.
We’re Listening to Podcasts Again
After weeks of decline, listening is inching back up
For the past few weeks, the time spent listening to podcasts had been steadily declining. The number of “Podcast Listens” (defined as a one-minute play over a 24-hour period) was down more than 20%, according to Voxnest data.
It was largely attributed to the lack of commutes and the question became will listening pick back up as audiences find new ways to re-integrate their podcast habits back into their lives?
Well, this week we got our answer: the week of April 20–26 saw growth in overall download numbers (up 4%), as well as an increase in audience numbers for the first time since early March, according to NiemanLab.
To me, this points to people wanting to settle down and get back into their usual rhythms—even if they're working from home. And it means they have a desire for interesting points of view. Both good signs, right?
↦ FYI: On Spotify, there’s been a shift away from new songs. Older songs are on the rise, reflecting both a decline in new releases and a hunger for the comfort of old favorites.
In Other News
Other Things We’re Talking About Today
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Your Weekend Pairing
Hollywood + a Brown Derby Cocktail
You know what sounds good? Escaping to a time before this pandemic. To an era and place where the setting is beautiful, the people are suave and dreams come true. Of course, such a place doesn't really exist but the classic Hollywood myth still sounds pretty good. That shiny veneer and its seedier underbelly is what Netflix's new limited series from Ryan Murphy is all about.
Hollywood isn't just a tale about hustling to make money while trying to keep your aspirations alive; it focuses on a group of up-and-coming creative types (played by an impressive cast led by Darren Criss) in post-World War II America. Rolling Stone says it's “equal parts love letter to the films of the Forties and fantasy about how much more inclusive showbiz could have been back then—and how different the real world might have been as a result.” The show will definitely take my mind off of the chaos of 2020 and I know just what to mix up while I'm escaping ...
↦ Your Pairing:What should you sip while enjoying this good-looking streamer? How about an impressive yet easy cocktail that can made with ingredients you likely already have on hand. The Brown Derby cocktail, which Chowhound has the recipe for, is a balanced blend of bourbon, grapefruit juice and honey. It was invented at the Vendôme bar in Hollywood in 1930, though it was named for the iconic 20th-century Los Angeles diner. It's tart and bright, but the bourbon softens any sharp edges.
What We’re Buying
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Morning Motto
Don’t let anyone rush you.
↦ Follow: @spiritual.awake
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