A few things to chew on as the week comes to an end.
Calculated Risk reviews GDP estimates for the 2nd quarter and predicts about a 30% annual rate decline. That’s huge.
The Puget Sound Indexer offers a close look at unemployment claims. (If you’re not familiar with this new publication, we recommend you check it out.) Some good charts and data at the link. Michael Luis writes,
Perhaps surprising is the number of people in management positions who have filed claims for unemployment compensation. Of the over 53,000 managers who filed a claim, half fall into five categories: operations, food service, sales and marketing, transportation and construction. Managers in business service occupations saw far fewer layoffs.
And, following up on our earlier report on the Seattle payroll tax, we point you to this Wall Street Journal editorial (probably behind a paywall), headlined “Mindless in Seattle.”
Councillors Sawant and Morales are pushing for a vote in mid-May, but support isn’t unanimous. One risk is that their fellow far-left councillors will pass a scaled-down version of the business tax and portray it as moderate.
The personal-finance website WalletHub reported this week that Seattle is the hardest hit city in the U.S., with unemployment rising 105.92% between January and March. Only a socialist would think now is the time to further punish job creation.
Stuff to think about.