Washington, D.C. — Center for American Progress Economist Michael Madowitz released the following statement today on the October 2020 employment situation figures from the U.S. Bureau of Labor Statistics:
With a pandemic raging and a contentious election winding down, this month’s jobs numbers show that the recovery has slowed considerably with only about half of jobs recovered. Today’s numbers also underplay the true jobs crisis. The unemployment rate today would be much higher if not for the millions of Americans who have stopped looking for work entirely while hiring is down.
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Press corner | European Commission
Lexington - Trump and Trumpism | United States | The Economist
I T HAS BECOME a cliché of liberal editorialising to demand that voters repudiate Donald Trump's populist platform as well as the president himself. Wherever the final vote tallies land, it will be hard to argue that they have.
Contemporary nationalist populists—such as Andrzej Duda in Poland or Viktor Orban in Hungary—and American presidents alike tend to win re-election. By that measure, merely dislodging Mr Trump would represent an achievement. And Mr Biden's campaign message, it should be noted, was almost entirely devoted to the vital importance of doing exactly that. If the result was not a crushing rejection of Mr Trump, it seems nevertheless to have been a rejection.
Economists cautiously optimistic as October unemployment falls
The U.S. unemployment rate in October hit a new pandemic low of 6.9%, down a full percentage point from September's 7.9%, the Labor Department said on Friday. With 1.5 million people making up that one percentage drop, the department estimates that now 11.1 million Americans are still unemployed, according to the Household Survey Data.
Though September began showing signs of a decline in unemployment, after only falling a half a percentage point from August , October's decline matched that previously seen in July when unemployment fell from 11.1% to 10.2%. October also marks the first month unemployment is half that of April's record high peak of 14.7%.
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Winter is here - How economically damaging will new lockdowns be?
C OUNTRIES NOTCHED up absurdly high growth rates in the third quarter. America's GDP rose by 7.4%, compared with the second (an annualised rate of 33%). Output in the euro area grew by 12.7%. But there is little reason for cheer. The resurgence of covid-19, and lockdowns to contain the virus, seem likely to stop the economic recovery in its tracks. Such fears drove oil prices to a five-month low on November 2nd.
Using mobility data from Google, The Economist has constructed an index of real-time economic activity. This suggests that America's recovery has come to a halt as recorded covid-19 cases have risen again. Europe, with a higher number of infections, is faring worse. Activity in Britain and France seems to have peaked in September and performance is set to slip given that Britain, France and Germany returned to varying degrees of lockdown in the past week or so.
Fond Farewell: Economics Professor Emeritus Michael Perelman – Chico State Today
Professor Emeritus Michael Perelman, who taught economics at Chico State for 47 years, passed away September 21. He was 80.
Born October 1, 1939, he studied at the University of Michigan and San Francisco State University before earning his PhD in agricultural economics from the University of California, Berkeley. In 1971, he was hired as an economics professor at Chico State, the start of a career that would span almost a half-century.
Free exchange - Why is the idea of import substitution being revived?
F OR THE past quarter-century, growth came so easily to the developing world that it can be hard to remember it was ever otherwise. Fuelled by globalisation, real GDP per person in emerging economies more than doubled from 1995 to 2019, in purchasing-power-parity terms. In advanced countries, by contrast, it grew by only 44%. The burst of growth consigned to the scrapheap decades' worth of arguments about whether and how poor countries could catch up with rich ones.
Between 1990 and 2008, global trade as a share of GDP rose from 39% to 61%. This "hyperglobalisation", as Martin Kessler and Arvind Subramanian of the Peterson Institute for International Economics dubbed it, facilitated rapid, broad-based economic expansion. After the late 1990s growth in incomes per head in nearly three-quarters of developing countries outpaced that in America, by an average of more than three percentage points a year. Global supply chains proliferated.
Home Economics: How to hedge against political uncertainty - BNN Bloomberg
Home Economics aims to help Canadians navigate their personal finances in the age of social distancing and beyond.
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As investors grappled with uncertainty of the U.S. election outcome this week, it became evident America's future is still murky. Even when the vote counting is complete, legal challenges and possible reluctance from incumbent President Donald Trump to accept the results, will likely drag out the uncertainty.
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