U.S. Jobless Claims Below 1 Million for First Time in Pandemic
“The number of Americans applying for unemployment benefits fell below 1 million for the first time since the pandemic began in March, suggesting the economic recovery is gaining some traction amid a deceleration in coronavirus infections. Initial jobless claims in regular state programs fell by 228,000 to 963,000 in the week ended Aug. 8, Labor Department data showed Thursday. Continuing claims — the total number of Americans claiming ongoing benefits in state programs — decreased to 15.5 million in the week ended Aug. 1, the lowest since early April.”
U.K.’s Economic Dilemma Is Mass Layoffs or Addiction to Aid
“U.K. Prime Minister Boris Johnson’s government faces a coronavirus dilemma, and how it responds could set the tone of the economy for years to come. If it withdraws its massive support for jobs and wages too soon, it’ll tip Britain into an unemployment crisis just as other risks, such as Brexit, threaten to clobber growth.”
South Korea’s Tech Exports Accelerate as Lockdowns Ease Globally
“The rebound in South Korea’s technology exports accelerated in July, illustrating the pace of recovery in global demand as countries emerge from pandemic-induced lockdowns. Exports of information and communications products picked up 3.3% from a year ago, compared to a 1% rise in June, according to data Thursday from South Korea’s trade ministry. Technology exports had contracted in April and May as the pandemic kept large swathes of the globe in lockdown.”
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