As the number of unemployment claims continues to rise, states are turning to big tech companies for help, and Rhode Island is working with Amazon Web Services on the issue.
"They stepped into the crisis and really helped us out in real-time," Director of the Rhode Island Labor Department, Scott Jensen told Cheddar.
In "normal" times, Jensen explained that the state's system worked just fine, but said this is not "normal times." Amazon's cloud-based solutions have helped the state handle the recent spike in traffic that the state has seen as unemployment numbers rise.
"Old infrastructure isn't going to handle it … and that's where Amazon stepped in for Rhode Island and helped us supply in a couple of really smart ways," he said.
Chair Jerome Powell says the Federal Reserve only expects to cut rates once in 2024. But at least, as one economist says, ‘rate hikes are off the table.’
With the Fed likely set to leave rates unchanged, lower and middle income Americans will continue dealing with higher credit card interest and expenses.
Markets soared in May after Nvidia’s Q1 success, but concerns over slowing consumer spending, especially among middle—and lower-income groups, loom large.
