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Raise your hand if you feel personally victimized by the low-hire job market. 👋

It’s one thing to lose your job, but it’s another to be without work for over 27 weeks, which is when the Bureau of Labor Statistics stops counting. 

How are people navigating this uncertainty? For some, I imagine it means they get to leave their newsletter writing temp job an hour early to make it to a choral gig in Bryant Park. Hypothetically. 

It’s no wonder 73% of adults under 30 are worried artificial intelligence is going to take their jobs. But at least the kids are alright: Girl Scouts are fighting for a seat at the table, and teens are getting a safer version of ChatGPT, at least according to OpenAI. Keep reading for more on jobs, inflation, and Jeff Bezos. — Rachel Kahn, temp newsletter writer (and singer)
Unemployment application
Olivier Douliery/AFP via Getty Images
Long-term unemployment is going up
More than a quarter of people who are unemployed have now been out of work for at least 27 weeks – and many for much longer, Samantha Fields reports.
When Will Thomas first got laid off last September, part of him felt relieved.

He had been doing business development at a tech start up trying to make public benefits easier to access and administer, and it just wasn’t a great fit for him. But he was very aware it wasn’t a great time to be job searching, especially for policy jobs in Washington, D.C.

“I knew that this was going to be a long and tough road,” Thomas said. He figured maybe it would take him six or eight months to find a new job in his field, food and nutrition policy.

But the reality “has been far worse than my expectations,” he said.

Almost a year later, he is still looking for a job.

“Lately, it has largely felt like screaming into the void,” Thomas said. “I've been a finalist for roles three different times.”

But never the finalist. At least, not yet.

Thomas is now one of the 1.8 million people officially considered long-term unemployed by the Bureau of Labor Statistics, meaning they’ve been out of work and actively looking for a job for longer than six months. Some for much longer — though past 27 weeks, the BLS doesn’t track how long.

And unemployment benefits, meanwhile, only last about 26 weeks — and that’s in the more generous states. In some, they run out after 12.
READ MORE


 
News you should know
Let’s do the numbers
  • Wall Street eked out some gains today to finish off a down week. The S&P 500 added 0.4% today, the Dow jumped 1% and the Nasdaq rose 0.4%

  • Bitcoin is up more than 22% this past week after a 10-month slump. The cryptocurrency and gold are rising faster than the U.S. dollar, thanks to pressure in the bond market.

  • Construction permits for multifamily housing jumped 9% last month as builders shifted away from the tough housing market and toward rentals.
 
Back to school
  • Prices are up for school supplies like lunch boxes, notebooks, and index cards. As the new school year rolls around, many families are choosing to stretch what they already have instead of buy more.

  • OpenAI is launching ChatGPT for teens, a new version of the bot that includes parental controls and more guardrails to steer kids away from topics like self-harm.

  • But teens may not be so keen on AI once they graduate: A whopping 73% of adults under 30 are worried that AI will take their jobs over the next two decades, and a majority are more concerned than excited about the new tech, according to a Pew report.
The Trump administration
  • President Donald Trump signed an executive order earlier this year aimed at fast-tracking the review of psychedelics to treat mental health disorders. Now Big Pharma is getting in on the industry.

  • About 30,000 tons of ground beef will get a tariff exemption, Trump announced this morning. The beef will be sold at 25% below current market prices, the president said. Good news for consumers, not so much for ranchers.

  • The national debt topped $40 trillion this week. Treasury Secretary Scott Bessent has said he wants to pay it down with short-term bonds, an expert told us that would be like “buying a house with a credit card.”


QUOTE OF THE DAY
“If 80% of the revenue made by each council is because of cookie sales, then we should be getting more for our work.” 
— Olive, a Girl Scout “Cookie Queen” from North Carolina 
Olive’s goal was to sell over 5,000 boxes of Girl Scout cookies this season, as shown in the new documentary “Cookie Queen.” And though we won’t spoil the ending, it’s safe to say she blew her goal out of the water. 

But Girl Scout cookie sales generate more than $800 million each season, according to some estimates, and Olive and her friends want more of a say in where the green from their Thin Mints is going. 
HEAR MORE
Jeff Bezos
Chesnot/Contributor/Getty Images
Final note
Bezos’ Ballers
The Premier League kicks off today. It’s the second year in a row where a majority of the English football clubs are owned by Americans — a cohort that now includes Jeff Bezos, the billionaire founder of Amazon. 

Bezos is part of a group of investors that recently bought over a third of Liverpool. It turns out English football teams, like a Van Gogh or a beachfront property, can be pretty good places to park your money. 

Do you think Bezos is watching the fourth season of “Ted Lasso”? 
READ MORE
 
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