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Kids fear missing out, but aren’t that hooked on their cellphones: Expert

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How many times a day do most people check their phones? Dozens, hundreds? And what about their kids?

A study conducted by Common Sense Media found that 50 percent of teens “feel addicted” to mobile devices, and 59 percent of their parents agree. It’s a growing concern that has even prompted two of Apple’s major investors, CalSTERS and Jana Partners, to urge the tech giant to take action.

Ana Homayoun, author of “Social Media Wellness,” said it’s not so much that the phone is addictive, it’s really the applications on the phone and how it’s being used.

“When we think about social media, so much of it is created on this feedback loop of notifications. They want to promote engagement,” Homayoun told CNBC’s “On the Money” in an interview.

She added, “They create this system where you always want to be online. And it can create this fear of missing out if we’re not online. This happens for adults as well as kids.”

It raises the question of what age is the right time for a child to receive a smartphone. According to a study conducted by Pew Research, 73 percent of teens age 13-17 have smartphones, including 68 percent of 13-14 years old.

Homayoun said the right age really varies, depending on the kid and the family situation. However, she said it’s best to introduce phones incrementally.

“More parents are giving their kids their old smartphone as a hand me down, and I recommend incremental usage,” she told CNBC. “Give them a flip phone first, and only use it during certain times, so that you’re giving and establishing good habits.”

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Robinhood chooses the Nasdaq for its IPO, sources say

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Avishek Das | LightRocket | Getty Images

Robinhood has chosen the Nasdaq as the exchange for its eventual initial public offering, according to sources familiar with the matter.

The company has not yet filed officially for the listing.

The stock trading app has lowered the barrier to entry for millions of retail investors, setting the stage for one of the biggest public debuts of the year.

It’s unclear if Robinhood has chosen a direct listing or a traditional IPO, sources said. Regardless of the method, Robinhood will file an S-1 with the Securities and Exchange Commission. Typically, it takes about one to two months for companies to make their debut once they file with the SEC.

Goldman Sachs is advising on the Robinhood IPO.

Robinhood —whose longstanding mission is to “democratize” investing — is seen as the main gateway for young investors to access the markets.

After record growth during the Covid-19 pandemic, the millennial-favored stock trading app found itself in the middle of a firestorm in January amid the short squeeze in GameStop, which was partially fueled by Reddit-driven retail investors. However, Robinhood’s brand appears to be intact with bids for pre-ipo shares spiking about the GameStop mania.

Robinhood added gained 3 million users in January alone, according to estimates from JMP Securities.

New York-based D1 Partners, Sequoia, Kleiner Perkins and Google’s venture capital arm, GV are some of Robinhood’s biggest venture capital investors.

The Nasdaq and Robinhood both declined to comment.

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WHO says pandemic has caused more ‘mass trauma’ than WWII and will last for years

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Tedros Adhanom Ghebreyesus, Director General of the World Health Organization (WHO) speaks after Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases during the 148th session of the Executive Board on the coronavirus disease (COVID-19) outbreak in Geneva, Switzerland, January 21, 2021.

Christopher Black | WHO | via Reuters

The Covid-19 pandemic has caused mass trauma on a larger scale than World War II, and the impact will last “for many years to come,” the World Health Organization’s top official said Friday.

“After the Second World War, the world has experienced mass trauma, because Second World War affected many, many lives. And now, even with this Covid pandemic, with bigger magnitude, more lives have been affected,” WHO Director-General Tedros Adhanom Ghebreyesus said at a news conference Friday. “Almost the whole world is affected, each and every individual on the surface of the world actually has been affected.”

“And that means mass trauma, which is beyond proportion, even bigger than what the world experienced after the Second World War,” he added, noting the effect on mental health. “And when there is mass trauma, it affects communities for many years to come.”

His comments came in response to a question about whether countries should take the pandemic’s impact on the economy and mental health into account more as they chart their paths forward. Tedros’ deputies emphasized that mental health ought to be prioritized.

“The answer is absolutely yes,” Maria Van Kerkhove, head of the WHO’s emerging diseases and zoonosis unit, said. “There are variations in terms of the impact that this has had on individuals, whether you have lost a loved one, or a family member or friend to this virus. Whether you’ve lost your job, children who haven’t been in school, people who are forced to stay home in very difficult situations.”

Kerkhove added that the world is still in the “acute phase” of the pandemic, when the virus is tearing through communities, killing tens of thousands every week. She added, though, that the mental health toll of the pandemic will emerge as a major issue in the long term, saying that “there needs to be a lot more emphasis by governments, by communities, by families, by individuals to look after our well-being.”

Dr. Mike Ryan, executive director of the WHO’s health emergencies program, urged people to not just highlight the mental health toll of the pandemic as a problem, but to also discuss solutions.

“It’s one thing to say that mental health is and psychological health is under pressure — that’s true — but also the opposite of that has to be what we’re doing to support and provide psychosocial support to people and communities,” he said.

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Black and Hispanic women aren’t sharing in the job market recovery

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A woman waits in line as food is distributed at the Ebenezer Seventh-day Adventist church on July 22, 2020 in Brooklyn, New York.

Spencer Platt | Getty Images

Friday’s employment report pointed to further signs of a recovery in the U.S. economy, with 379,000 net jobs added and the unemployment rate falling to 6.2%.

But despite the encouraging top-line numbers, the job-market’s 2020 swoon and its 2021 recovery have not fallen equally across the U.S. labor force.

Employment data was worse for minority groups, particularly women of color, than for White workers during the early days of the Covid-19 recession. The recovery has been more sluggish for minority groups, too.

The divergence in the job market’s recovery was evident in Friday’s jobs report, which showed a decline in the white unemployment rate and an increase in the Black unemployment rate.

For white workers, the unemployment rate fell to 5.6% in February, below the national rate. But for Black and Hispanic workers, reported jobless rates were 9.9% and 8.5%, respectively, remaining above the U.S. figures as they have been throughout the pandemic.

White unemployment peaked at 14.1% in April 2020. Black unemployment peaked at 16.7% in both April and May. Hispanic unemployment peaked at 18.9% in April.

Tougher for women

But as stark as the race- and ethnicity-based disparities are, the recession’s unequal impact is more pronounced in analysis that includes race and gender.

Black and Hispanic women, in particular, have suffered some of the steepest spikes in unemployment and largest drops in labor force participation rate since the pandemic began.

Total employment for Black women is 9.7% lower than it was in February 2020, before Covid-19 hit the U.S., with that figure for Hispanic women close behind at 8.6% lower. Employment for white men, white women, and Black men is down 5%, 5.4% and 5.9%, respectively, since February 2020.

Though explanations for this trend vary, some economists suggest occupational segregation — that is, prevalence of a demographic in a given industry — is a likely culprit.

“Whoever was hit the hardest takes the longest to recover,” said Kate Bahn, an economist at the Washington Center for Equitable Growth, a think tank founded by Democratic political consultant John Podesta. “Once we are long into the recovery, employment levels and income levels may not fully recover for years.”

“Women are slightly more represented in some sectors like leisure and hospitality and food service,” Bahn added. “We’ve also lost health care jobs, particularly low wage health care jobs that are disproportionately held by women of color.”

Economists hope that President Joe Biden’s $1.9 trillion stimulus package, expected to pass the Senate this weekend, will not only hasten the broad economic recovery but assist those who saw their jobs cut. The bill contains $1,400 stimulus checks, an extension of weekly unemployment payouts of $300 to September and $350 billion in aid to state to local governments.

Janelle Jones, the first Black woman to be chief Labor economist, wrote last month that this trend is also apparent in the public sector, which saw steep layoffs at the state and local levels over the past 12 months.

“Losses in local and state government and leisure and hospitality have disproportionate impacts on Black women’s employment. Black women are nearly one in four public sector workers,” Jones wrote in a blog post dated Feb. 9. “Half a million Black women have left the labor market since January 2020.”

Breaking the February jobs report down by industry, a surge in hiring at restaurants and bars helped lead the broader hospitality sector up 355,000 jobs last month. Those gains help offset the losses it’s accrued over the last 12 months. Leisure and hospitality as a whole is is down 3.5 million jobs, or 20%, versus February 2020.

Government payrolls lost 86,000 workers last month as layoffs continued in public education

Participation a concern

While high unemployment rates tend to garner attention and are perhaps easier to understand, a significant drop in the number of women either working or seeking work can prove more insidious in the longer term.

Labor force participation for Black women plunged from 63.9% in February 2020 to 59.5% in April 2020, the lowest rate since 1993. The February jobs report showed that figure had improved slightly since April to 59.7%.

Historically, women who dropped out of the workforce during a recession to care for their kids often struggled to return, being unable to find a job in their prior role or unable to command the same wage.

The Covid recession might end up even worse for women. Unlike prior economic downturns, the disease forced thousands of children out of school and back into the home, where the duties of childcare continue to more often fall on women. And especially on mothers in families that cannot afford childcare.

Historically, Black women have fared better than Black men in the labor market, said Kristen Broady, a fellow in economics studies at the Brookings Institution and policy director of the think tank’s Hamilton Project.

Unemployment rates for Black women, who Broady said are more likely to have a college education, are typically lower than those for Black men. But the unique nature of the Covid recession and resulting childcare issues have disproportionately impacted Black women’s ability to work.

“In other recessions, children were still in schools,” said Broady. “If you can’t afford child care and are a single mom, you can’t go to work. And that’s more likely to affect black and Hispanic women.”

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