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Posts Tagged ‘coronavirus’

China’s economic recovery slowed by weak domestic demand

In July China's industrial output climbed by 4.8% year over year, Beijing announced today. That's the same rate as in June. This good news in that it shows the post-coronavirus recovery continues in the industrial sector. But it's bad news in that growth isn't accelerating and the recovery remains slow. As if to put an […]

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It’s official: Coronavirus stimulus/rescue talks are dead until September

The Senate officially adjourned today through Labor Day, September 7. The House of Representatives had already been out of season, but now Speaker Nancy Pelosi (D-Calif.) has announced that she will return to California next week. In the negotiations that collapsed on Wednesday Democrats refused to compromise further than the $2 trillion package (down from […]

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Initial claims for unemployment drops below 1 million for last week

The number of workers applying for unemployment benefits from state unemployment programs fell below 1 million for the week ended August 8. At 963,000 the number was below the 1.18 million new claims for the week of August 1. Economists had expected initial claims of 1.1 million. Continuing claims for unemployment dropped to 15.5 million […]

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Congressional coronavirus stimulus/rescue talks are dead–probably until September

House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin talked today for the first time since talks on the next coronavirus stimulus/rescue package collapsed on Friday. About the only thing that emerged from today's brief conversation was a consensus that the talks are dead for the foreseeable future--perhaps until September when Congress will be under […]

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Back to tech: For a day (at least) rotation is over

Today, August 12, the rotation out of tech winners and into beaten-up consumer and industrial stocks is over. As of the close today. the Standard & Poor's 500 was up 1.40% but the NASDAQ Composite was ahead 2.13%. The Dow Jones Industrial Average was higher by 1.05% and the Russell 2000 small cap index had […]

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So why was Friday’s jobs report for July so worrying?

On Friday, the Bureau of Labor Statistics reported that the U.S. economy added 1.8 million jobs in July. Not a bad number, on an absolute scale. 1.8 million jobs is a lot of jobs. And the total did beat economists' expectations by about 300,000 jobs. But... The total was way, way down from the 4.8 […]

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Just when we need good data, the numbers are failing us

What's the state of the labor market? On Thursday the Labor Department reported that new claims for unemployment fell, unexpectedly, for the week ended August 1 to 1.19 million. That was down by 249,000 from the week before. Initial claims remain at five times their pre-coronavirus levels. I'd feel more comfortable about cheering the number--the […]

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If the dollar gets stronger, it won’t be good news for emerging market assets

The weak dollar of the past few months has been a boon to emerging market assets. It has made the dollar-denominated interest payments that many companies in these economies need to make cheaper in local currency terms. It has helped support financial assets in emerging markets  as U.S. dollar investors see prices rising in dollar […]

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Damage to the real economy piles up while Washington fiddles

The latest news out of the coronavirus economic rescue package talks is that there has been no progress on the big issues the separate the two sides: among them restoring the $600 (or some number) enhanced weekly unemployment benefit and funding for city and state governments. Meanwhile the evidence of lasting damage to the economy […]

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Saturday Night Quarterback says, For the week ahead, here’s the recipe for volatility…

Congressional leaders, plus White House negotiators chief of staff Mark Meadows and Treasury Secretary Steve Mnuchin, met today, Saturday, August 1, in an attempt to hammer out some kind of coronavirus rescue package that would support what looks like a flagging recovery from the coronavirus recession. Congressional staffers are scheduled to meet Sunday. And Congressional […]

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