Unemployment, Mortgage Rates, and the Psychological Benefits of Deadlines

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For millions of Americans, the prospect of becoming unemployed is a persistent source of financial anxiety. The US unemployment rate, or the percentage of people in the labor force who are actively looking for work but aren't currently employed, has long been considered an economic bellwether. Many economists agree that a rate between 4% and 5% is considered healthy. As of June 2026, the US unemployment rate was 4.2%.

> Learn how the unemployment rate is calculated. (More)
> The US Bureau of Labor Statistics' monthly jobs report tracks the unemployment rate and more. (More)

Americans who are unemployed for up to 26 weeks while actively looking for work can receive unemployment benefits. These weekly payments, facilitated by the government, are calculated based on one's previous wages and funded by employer payroll taxes. Also known as unemployment insurance, the program was introduced as part of the Social Security Act that Congress passed during the Great Depression in 1935 after unemployment hit a record high of about 25% in 1933.

> Over 1.9 million Americans—more than a quarter of those unemployed—have been classified as "long-term" unemployed. (More)

> Inside the state of the labor market for recent college graduates. (More)

> Unemployment is typically sorted into four different types. (More)

Economic downturns are the primary cause of unemployment in the US, with a slowdown in economic activity leading to decreased demand for goods and services, resulting in layoffs and business closures.

> Explore an interactive tool that reveals why Americans are unemployed. (More)

> The Sahm rule signals recessions based on unemployment trends. (More)

Discover more: 

> The US youth unemployment rate jumped from 6.6% in 2023 to 10.4% in 2025. (More)

> Listen to legendary investor Marc Andreessen break down the lump of labor fallacy. (More)

> The college degrees with the highest unemployment rates. (More)

🫶 Humankind: How one photographer helped eradicate US child labor.

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Unpacking Summer’s Hottest Travel Hack

It’s the thick of summer, which means it’s also the thick of vacation season. But before you jet off on your next adventure, you need to check out our new favorite travel hack and make sure you aren’t planning any trips without the proper tools. So what is it, you ask? Apple Card.

See, Apple Card is the ideal credit card for travelers. It has no fees, period (including foreign transaction, hidden, or late fees), which makes it perfect for your international trips, plus the ability to earn unlimited Daily Cash back on every purchase, regardless of where you are or what you’re spending on. 

Got a trip coming up soon? No problem—you can apply for and use Apple Card in minutes with Apple Pay. Apply now and see your credit limit offer upfront with no impact to your credit score.

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 News in Context 

1440 brings you the knowledge and context behind the week's stories:

The average 30-year US mortgage rate rose to 6.65% earlier this month—the highest level in nearly a year—causing a decrease in homebuyer demand. (More)

> How did people purchase homes in the days before mortgages?

> See a chart showing how 30-year fixed mortgage rates have changed over time.

Startup activity is on the rise after a long slump, with Americans filing more new business applications last year (about 5.7 million) than in any year in the two decades since the government started keeping track. (More)

> How startups differ from other new small businesses.

> The term "startup" can be traced back to a 1976 Forbes article.

Time magazine last week revealed its "TIME100 Creators" list, recognizing the most influential digital voices of 2026, including Alix Earle, Joe Rogan, Delaney Rowe, and more. (More)

> What is the creator economy?

> Inside a "YouTube Creators Camp" that teaches children how to become content creators.

Some LinkedIn users are now using the corporate social networking platform as a dating app, according to a recent survey. (More)

> LinkedIn cofounder Reid Hoffman once interviewed his deepfake doppelgänger.

> The surprisingly long history of dating apps.

One Story We're Taking Stock In

A recent investigation has landed Phia, a startup shopping app cofounded by Phoebe Gates—billionaire Microsoft founder Bill Gates' daughter—in hot water.

Specifically, the Phia app helps users find discount codes while online shopping, making money by taking a cut of each purchase it helps drive. However, per Bloomberg's investigation, the Sheryl Sandberg-backed business has been taking a cut of sales even if a user opens its app and doesn't use any of the discount codes provided—a violation of multiple digital platform policies.

The 23-year-old Gates' startup has raised a total of $43.5M from notable investors, from top venture capital firms like Kleiner Perkins to celebrities including Sydney Sweeney and Khloe Kardashian. To learn more about the story, which has been driving a significant amount of buzz in the business world this week, read the full investigation below.  

> Gates heir’s shopping app claimed sales it didn’t drive. (Read)

> How many startups fail and why? (1440 Topics)

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Travel Smarter With Apple Card

Picture this—you’re in a foreign country, having the time of your life, when you get a credit card alert for a 2% charge on your expensive dinner. Gulp. It’s the dreaded foreign transaction fee. 

Now if you had Apple Card, this would never happen. With no fees, period (including foreign transaction, hidden, or late fees), plus the ability to earn unlimited Daily Cash back on every purchase, it’s the perfect card for travelers. Plus, you can apply for and use Apple Card in minutes with Apple Pay. Apply now and start earning Daily Cash back, which is real cash that never expires or loses value. 

Terms apply.

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 Etcetera 

> The pivotal decisions that shaped Reddit's early days.

> Steve Jobs explains his "rock tumbler" metaphor for teamwork.

> The economics of airlines. 

> Why baseball star Bobby Bonilla gets $1.19M from the New York Mets each July 1.

> The psychological benefit of deadlines.

> Use an annuity income calculator. 

> How to spot an economic bubble.
 

> The first federal minimum wage wasn't set until 1938, when it was 25 cents per hour.

> The stock market's volatility between 2017 and 2025, visualized.

> Why luxury holding company LVMH owns such a wide variety of brands.

> What is loud budgeting?

> A "Bored Ape" NFT was once kidnapped.