March 06, 2020
U.S. Jobs Engine Braces for Virus Hit After Steady February
“America’s streak of robust job gains is being threatened by a spreading coronavirus that’s roiling financial markets and may exact a growing toll on the U.S. economy. Friday’s employment report is projected to show payrolls increased 175,000 in February, below January’s pace but in line with the average of the past year, according to a Bloomberg survey of economists. The unemployment rate is seen holding near a 50-year low as wages keep marching higher.”
U.K. House Prices Rise 2.8% From Year Ago, Halifax Says
“U.K. house prices rose for a fourth straight month in February, continuing the recent run of reports pointing to renewed strength in the property market. Average house prices rose 0.3% from January to 240,677 pounds ($312,000), Halifax said in a statement on Friday. From a year earlier, prices increased by 2.8%.”
China Avoids Market Meltdown But Risks Stoking Bubble Instead
“China’s desire to support its financial markets in the wake of the virus outbreak may have moved the needle too far the other way. It’s taken a sweeping and coordinated effort from top officials to prevent a downward spiral in Chinese stocks. From early February, the central bank and regulators across the foreign exchange, securities, banking and insurance sectors have deployed a number of measures to ensure sufficient liquidity and reduce borrowing costs for companies. Hints of more to come on the monetary and fiscal side have been equally effective.”
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