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Articles related to "economic"


Why Trump? Why now? Behind Mexican President Andrés Manuel López Obrador's big trip to the US

  • Demonizing people on the Mexican side of it has long been a key part of the Trump political playbook, while López Obrador -- known as AMLO in Mexico -- has accused Trump of inciting racism.
  • But when the two men meet this week to celebrate the implementation of the United States-Mexico-Canada Agreement (USMCA) trade deal, expect smiles all around.
  • Critics of the Mexican President have urged him not to travel to the White House, saying it follows a trend of AMLO wilting in the face of Trump's economic bullying and racist rhetoric.
  • And although the two presidents come from very different political backgrounds — Trump the right-wing former television star, AMLO the decades-long politician, self-declared leftist and former mayor of Mexico City — experts note they have very similar approaches to governing.

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US weekly jobless claims fall to 787,000, below economist estimates - Business Insider

  • The number of Americans filing for unemployment benefits declined more than expected last week as the nation's labor market continued to show signs of recovery.
  • New US weekly jobless claims totaled an unadjusted 787,000 for the week that ended on Saturday, the Labor Department said Thursday morning.
  • The reading came in below the median economist estimate of 870,000 compiled by Bloomberg and reflects a marked decrease from the prior week's revised total.
  • Continuing claims, which track the aggregate total of Americans receiving unemployment benefits, fell to 8.4 million for the week that ended on October 10.
  • Still, the reading is the lowest seen since the coronavirus crisis began and marks the first time unadjusted claims stood below 800,000.
  • Jobless claims unexpectedly jumped last week after steadily declining, suggesting the labor market's rebound had run out of steam.

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US weekly jobless claims fall to 787,000, below economist estimates - Business Insider

  • The number of Americans filing for unemployment benefits declined more than expected last week as the nation's labor market continued to show signs of recovery.
  • New US weekly jobless claims totaled an unadjusted 787,000 for the week that ended on Saturday, the Labor Department said Thursday morning.
  • The reading came in below the median economist estimate of 870,000 compiled by Bloomberg and reflects a marked decrease from the prior week's revised total.
  • Continuing claims, which track the aggregate total of Americans receiving unemployment benefits, fell to 8.4 million for the week that ended on October 10.
  • Still, the reading is the lowest seen since the coronavirus crisis began and marks the first time unadjusted claims stood below 800,000.
  • Jobless claims unexpectedly jumped last week after steadily declining, suggesting the labor market's rebound had run out of steam.

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Will 'animal spirits' reawaken the economy?

  • The legacy of COVID-19 restrictions and the imbalance between tax incentives for labour and capital investment must be addressed by governments or face the risk that $50 billion in tax relief will be saved not spent, creating a drag on economic recovery.
  • Some suggested that major tax reform would be needed, but others suggested much would depend on how people's behaviours and productivity levels would change following the lifting of COVID restrictions.
  • University of Melbourne's Professor John Freebairn said the 40-year high in household savings indicated that "animal spirits" were at risk of remaining contained.
  • Wage subsidies and the imbalance of tax incentives are one thing, but Victoria University's Dr Janine Dixon said the legacy of COVID restrictions on behaviour and productivity will be crucial in determining whether people and business find their animal spirits and spend record savings.

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Reform window will soon open, but will anyone jump through?

  • The window for a full House, half-Senate election opens after the first Saturday in August next year, meaning any poll before Christmas 2021 would be considered early.
  • The last such reform push came in early 2015, when Abbott was prime minister and there was an election-free window of 18 months.
  • Still, it is not beyond the wit of the government to roll out some other big bold idea in next year's budget, portray it as vital to the nation's economic future – and cite the need for a mandate, should it meet resistance.
  • An election-free period from March next year offers the Morrison government a rare opportunity to push on economic reform – if it's brave enough to try.

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China turns the screws on Australian exports

  • Despite the relentless domestic focus on Australia’s recovery from COVID, Beijing's determination to ramp up the economic costs of Australia’s approach to China is impossible to ignore.
  • The original Trump trade war has long since moved from targeting Chinese imports and demanding more access for US soybeans and port exports to a far more sophisticated and long-term struggle between the two over technological advantage and bifurcation.
  • The most high profile example is the US targeting of Chinese technology companies, particularly Huawei, and blocking the ability of US companies to provide China with access to Western tech components and services.
  • But an already tense diplomatic relationship has only deteriorated since, particularly after China took exception to Australia also taking a leading role in insisting on an inquiry into the origins of the virus.

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Opinion: Why the US economy won't gain any traction until 2021

  • There is a clear relationship between the health care crisis created by the pandemic and the economic crisis: More infections result in a weaker economy.
  • However, our election model of the state Electoral College, which takes into account a range of political factors, including previous state voting patterns and the President's approval rating, and a range of economic factors, such as unemployment, housing and stock prices, suggests the results will be much closer.
  • But perhaps the most serious blow to the economy as this monumental year ends will be the failure of President Trump and Congress to come to terms on providing more help to those hit hardest by the pandemic.
  • It makes economic sense for lawmakers to agree on legislation providing substantial additional fiscal support, including more aid to the unemployed, small businesses, the airlines, state and local governments and a long list of others.

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The good, bad and ugly of soaring tech stocks

  • If investors place a higher value on these companies’ profits, however, it suggests they do not expect increased investment and competition to erode them.
  • That possibility links to a range of pre-COVID research by economists such as Germán Gutiérrez and Thomas Philippon, who argue that increased concentration and reduced competition have led to higher corporate profits but lower investment in the US, or David Autor and his co-authors, who study how so-called superstar companies now dominate their markets.
  • The increased value of those profits in a world of low interest rates has created a delightful rise in the share price for existing investors in Facebook and other technology companies.
  • Also unlike Facebook, it will need a lot of capital to build new factories and finance inventories of cars, raising $US5 billion from the stock market in September.

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ASX to fall, Wall St wobbles, $A surges

  • The data " have turned uglier over the last couple of days", Amherst Pierpont's Stephen Stanley said, pointing to rising new daily cases, a rising positivity rate, a rising death toll and a jump in hospitalisations.
  • Hong Kong shares ended higher for a fourth consecutive session on Wednesday, as hopes for a new round of US fiscal stimulus and strong third quarter results due to China's accelerated economic recovery boosted sentiment.
  • Gold will average less than $US2000 dollars an ounce next year, a Reuters poll showed, as a record-breaking rally slows, although prices are still expected to touch new highs.
  • The S&P/ASX 200 Index closed 7.2 points, or 0.1 per cent, higher at 6191.8, following a positive lead from Wall Street as investors gauged the possibility of American lawmakers approving new stimulus spending before the November 3 presidential election.

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Obama Hitting Trail for Biden, Setting Up Clash With Trump

  • WASHINGTON—Former President Barack Obama returns to the campaign trail Wednesday on behalf of Democratic presidential nominee Joe Biden, setting up a clash with President Trump over the nation’s future during the coronavirus pandemic and economic uncertainty.
  • Mr. Obama will hold his first fall campaign appearance in Pennsylvania, a top battleground.
  • Mr. Trump, who has repeatedly criticized his predecessor and sought to undo his major policies, is staging an evening rally in North Carolina, another competitive state for both...

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