United States:
U.S. Suffers Sharpest Rise in Poverty Rate in More Than 50 Years
“The end of 2020 brought the sharpest rise in the U.S. poverty rate since the 1960s, according to a study released Monday. Economists Bruce Meyer, from the University of Chicago, and James Sullivan of the University of Notre Dame found that the poverty rate increased by 2.4 percentage points during the latter half of 2020 as the U.S. continued to suffer the economic impacts from Covid-19.”
Europe:
U.K. Jobs Market Better Than Feared During November Lockdown
“The U.K. labor market proved more resilient than expected in the three months to November as an extension of government aid helped protect jobs amid a widespread lockdown. The nation’s unemployment rate climbed to 5% in the period, the highest since 2016 but lower than the 5.1% predicted by economists, the Office for National Statistics said Tuesday. The number of people in work fell by 88,000, the least since July, while the pace of increase for job cuts slowed.”
Asia:
China Factories Go Into Overdrive But Exporters Are Not Happy
“Clark Feng saw export orders for the garden furniture, swings and tents he sells out of China surge 70% last year as lockdowns and social distancing fueled demand. But he’s not happy about it. “The more you sell, the more you lose money, what’s the point?,” said Feng, who owns trading company Vita Leisure Co. in the city of Linhai in eastern China. “I don’t know who says we are beneficiaries. We are victims!” With annual revenue of around $5 million, Feng’s firm is one of the million or so small and medium-sized manufacturers and trading businesses that form the backbone of China’s exports.”
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