January 10, 2020
United States:
U.S. Hiring at 2019 Finish Line Seen Right Around Decade Average
“The final jobs report for 2019 is projected to show payrolls growth capped the year with a gain almost exactly in line with the average of the decade-long economic expansion, and continuing to moderate from the 2018 pace. The Labor Department report due at 8:30 a.m. Friday is forecast to show employers added 160,000 jobs in December, according to economists surveyed by Bloomberg. That would be fewer than November’s 266,000 but still enough to accommodate population growth and thereby hold down the unemployment rate. Private payrolls are forecast to rise 153,000 as the jobless rate holds at a half-century low of 3.5% and the annual pace of wage gains remained at 3.1%.”
Europe:
$170 Billion and Counting: The Cost of Brexit for the U.K.
“U.K. Prime Minister Boris Johnson wants to “unleash Britain’s potential.” First the economy has to catch back up with the rest of the world. Research by Bloomberg Economics estimates that the economic cost of Brexit has already hit 130 billion pounds ($170 billion), with a further 70 billion pounds set to be added by the end of this year. That’s based on the damage caused by the U.K. untethering from its Group of Seven peers over the past three years. While growth globally has also cooled in recent years, the analysis by Bloomberg Economics shows the U.K. has still lagged. There is a strong historic correlation between the U.K. and G-7 countries. But they have been diverging since the vote to leave the EU, with the British economy now 3% smaller than it could have been had the relationship been maintained.”
Asia:
U.S., China Dust Off Corporate Deals Before Trade Pact Signing
“The U.S. and China are finalizing a bevy of long-running corporate deals ahead of a high-profile ceremony to sign a trade deal next week that the world’s largest economies seek to cast as a major breakthrough and a marked warming in the relationship. Along with a Chinese delegation led by top negotiator Vice Premier Liu He, executives from American and Chinese companies will also attend the White House event to sign the phase-one agreement on Jan. 15, said the people, who asked not be named discussing private plans. People’s Bank of China Governor Yi Gang and Minister of Commerce Zhong Shan will also participate, they said. Just as plans for the signature of the initial stage are being finalized, President Donald Trump told reporters Thursday he wants to start negotiations on phase two “right away,” but might not finish those until after the U.S. presidential election in November.”
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