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K-12 students fell 4 to 5 months behind on learning during pandemic

Elementary school students in the U.S. ended the school year four to five months behind their expected level of academic achievement, according to a new report.

Why it matters: Months of school closures and often inferior remote education eroded what schoolchildren would have learned since the pandemic began, and caused some to go backwards.


  • The effects of pandemic-driven learning loss will weigh on the economy for decades ahead, and could worsen if schools can't reopen normally in the fall.

By the numbers: Researchers from McKinsey compared academic achievement for K-12 students after the 2020-21 school year to matched students from previous years, and found that students were testing 10 points behind in math and 9 points behind in reading on average.

  • The numbers were worse for historically disadvantaged students — students in majority Black schools ended the year with six months of unfinished learning, while students from low-income schools finished seven months behind.

The big picture: The authors wrote that "unless steps are taken to address unfinished learning, today’s students may earn $49,000 to $61,000 less over their lifetime owing to the impact of the pandemic on their schooling."

  • That translates to an impact on the U.S. economy of $128 billion to $188 billion every year as these students enter the workforce.

Between the lines: More time spent in remote education correlated to worse outcomes — students in more urban schools fell further behind students at rural schools, which returned to in-person education faster.

What to watch: How successful efforts to close the learning gap over the summer prove to be, and whether schools can reopen for full-time in-person education even as the Delta variant — and lagging vaccination rates — cause COVID-19 case numbers to rise.

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Retailers charter boats to circumvent supply chain crisis, get goods from overseas

The world’s shipping chaos is pushing mega-retailers to make new investments: their own cargo ships.

Why it matters: It’s one way big companies are trying to circumvent the pandemic-fueled supply chain crisis that’s left store shelves sparse.

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White House selects destinations for first wave of vaccine donations

The Biden administration has laid out its framework for sharing vaccines for the world and named the recipients of the first 25 million doses, taking a major step toward becoming a global vaccine supplier.

Why it matters: The U.S. had been the only major vaccine producer to keep virtually its entire supply at home while countries looked to Russia or China for doses. But Biden has pledged to share at least 80 million doses this month and additional shipments beyond that.

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LeBron James and private equity firm to buy into Boston Red Sox

Boston Red Sox majority owner John Henry has agreed to sell a roughly 11% stake in the team's parent company to RedBird Capital Partners, Axios has confirmed with a source close to the situation. Separately, LeBron James has acquired around a 1% stake in the club.

Why it matters: It's a massive return on investment for Henry, who in 2001 paid what was then a record $700 million for the Red Sox. This deal values its parent company, Fenway Sports Group, at around $7.3 billion.

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The unicorn stampede is coming

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.

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