Data: U.S. Bureau of Labor Statistics; Chart: Andrew Witherspoon/Axios

The reality, incredibly, is worse than the data. Neil Irwin, N.Y. Times senior economics correspondent, captures one of the most sobering reasons: "Almost Every Job Is at Risk."

The big picture: "April 2020 — more technically, the period between the second week of March and the second week of April — was the worst month for American workers at least since the Great Depression and possibly in the history of the nation."

Why it matters to you, from Neil's piece: "...Walmart and a few odd exceptions aside, there was no shelter in the storm for American workers in the last month."

"Anyone still thinking that the pandemic’s economic effects are limited to people in restaurants, travel and similar service businesses is very much mistaken. Workers in almost every industry, including those that on the surface shouldn’t be affected by the pandemic at all, are at risk. We’re all vulnerable, whether we work in an office or a factory or a construction site; whether our employer is public or private; whether our work can easily be migrated to a home office or not."

Go deeper: The month we fell off a cliff

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Jobless claims show unemployment shifting, not falling

Data: Department of Labor; Chart: Andrew Witherspoon/Axios

Thursday's jobless claims report showed U.S. unemployment appears to be turning a corner, but it may not be the one those anxious for an economic recovery are hoping for.

What happening: Unadjusted initial jobless claims for the week ending Aug. 1 fell below 1 million for the first time in 20 weeks, while the number of people receiving traditional unemployment benefits fell below 16 million for the first time in 17 weeks for the week ending July 25. Continued claims are reported with a two week lag.

8 mins ago - Sports

The college football season is on the brink

Illustration: Eniola Odetunde/Axios

Power 5 commissioners held an emergency meeting on Sunday to discuss the growing concern that fall sports can't be played because of COVID-19.

Driving the news: The Mid-American Conference on Saturday became the first FBS league to postpone fall sports and move them to the spring, and there are rumblings that Power 5 conferences are ready to follow suit.

Uber CEO proposes "benefits funds" for gig workers

Uber CEO Dara Khosrowshahi. Photo: Scott Heins/Getty Images)

Uber CEO Dara Khosrowshahi called for establishing "benefits funds" for gig workers in a New York Times op-ed out Monday.

Why it matters: Gig workers, who remain independent contractors and not employees, have long pushed companies like Uber for benefits comparable to those received by traditional workers. The coronavirus pandemic and its resultant economic strain has broadened those calls.