Overseas Headlines – July 23, 2020

United States:

U.S. Jobless Claims Rose Last Week for First Time Since March

“U.S. jobless claims rose last week for the first time since March, indicating the resurgent coronavirus is stalling the nascent recovery with renewed business closings and layoffs. Initial claims through regular state programs increased to 1.42 million in the week ended July 18, up 109,000 from the prior week, a Labor Department report showed Thursday; on a non-seasonally adjusted basis, claims declined. There were 16.2 million who filed for ongoing benefits through those programs in the period ended July 11, down from the prior week and less than forecast.”



Italy Eyes $29 Billion in Extra Spending to Rescue Economy

“Italy’s government approved a proposal for 25 billion euros ($29 billion) in extra spending as it battles to rescue an economy devastated by the coronavirus pandemic.A cabinet meeting Wednesday evening hosted by Prime Minister Giuseppe Conte backed the demand to widen the budget deficit this year, which will go to parliament for approval. The extra money will be used to help businesses with temporary layoffs and liquidity, and provide subsidies to local and regional authorities, the government said.”



South Korea Falls Into Recession With Worst Contraction in Decades

“South Korea’s economy slid into a recession with exports plummeting in the second quarter as the coronavirus pandemic hurt profits in some of the nation’s largest industries from automobiles to refineries. Gross domestic product shrank 3.3% from the previous quarter, the Bank of Korea said in a statement Thursday, far exceeding economists’ expectation for a 2.4% drop. From a year earlier, the economy contracted 2.9%.”



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