January 02, 2020
U.S. Job Cuts at Lowest Since July 2018 as Labor Market Holds Up
“U.S. employers last month announced the fewest job cuts since July 2018 as the labor market remained tight, though 2019 still turned out to be one of the decade’s worst years for firings. Job cuts totaled 32,843 in December, down 26% from November and 25% lower than a year earlier, according to a report Thursday from staffing firm Challenger, Gray & Christmas Inc. “Confidence was high heading into the last month of the year,” Andrew Challenger, vice president of the Chicago-based firm, said in a statement. “With some resolutions occurring in the trade war and strong consumer spending in the fourth quarter, companies appear to be taking a wait-and-see approach as we head into 2020.” ”
U.K. Labour’s Long Bailey Mulls Bid for Party Leadership
“Rebecca Long Bailey, the front-runner to succeed Jeremy Corbyn as Labour leader, said the U.K.’s main opposition party should be a champion for “progressive patriotism” as it seeks to recover from its worst electoral performance in more than 80 years. Laying out her vision for the party — but stating only that she’s considering a run for leader — Long Bailey wrote in the Guardian newspaper that Labour’s “compromise” position on Brexit was party to blame for the electoral rout this month, but said that lack of trust in Labour’s program was also an issue among voters. Labour’s business spokeswoman also said she would back Angela Rayner, the party’s education spokeswoman, as deputy leader.”
Asia’s Factories End 2019 With Brighter Outlook Led by China
“Asia’s manufacturing industry finished 2019 with a modestly brighter outlook, with fewer economies signaling contraction at factories. Purchasing manager indexes for South Korea, Thailand and Taiwan all moved above 50 in December, data from IHS Markit showed Thursday. Malaysia improved right to the dividing line between expansion and contraction of 50 while Indonesia stayed slightly below it. “PMIs seem to have improved across the board in December and sentiment is likely to improve further following the positive developments on the trade front,” said Priyanka Kishore of Oxford Economics in Singapore.”
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