Overseas Headlines – November 6, 2020

United States:

U.S. Jobs Market Set to Extend Rebound at Softening Pace

“The U.S. labor market probably extended its rebound last month, though the outlook for continued job growth is weakening for whichever candidate wins the White House. The Labor Department is set to release its October report tomorrow against the backdrop of a razor-thin election vote. The figures are forecast to show payrolls grew by 585,000 in October. That would be the weakest pace since pandemic lockdowns vaporized nearly 21 million jobs in April.”



Sunak Tries to Rescue Britain Again—and His Political Fortunes

“If the coronavirus crisis was the making of Chancellor of the Exchequer Rishi Sunak, the most popular member of the British government is trying to make sure it doesn’t end up being his undoing. The U.K.’s finance minister made a dramatic intervention in the economy again on Thursday by extending a furlough program until March, ripping up his plans of just a few days earlier. While the nation may be desperate for aid as England went into another lockdown, the U-turn also follows a series of missteps.”



Xi Eyes Sub-5% Growth Rate in New Vision for Chinese Economy

“President Xi Jinping is signaling his long-term vision for the Chinese economy likely requires it to expand at an average pace of less than 5% a year, well below the historical trend over the past 30 years. Xi told the Communist Party’s Central Committee last week the economy could double in size by 2035, according to state media. That would imply an annual average growth rate of 4.7%-5%, according to a range of forecasts from economists.”




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