Overseas Headlines – October 12, 2020

United States:

U.S. Economic Recovery Stuck in Low Gear as Fear Still Dominan

“Almost seven months into the coronavirus pandemic, the U.S. economic rebound is stuck at a sluggish pace and activity in many sectors remains well below pre-pandemic levels. With new virus cases elevated and additional government stimlus still up in the air, President Donald Trump’s own Covid-19 illness has given the nation another jolt of unease.”



U.K. Pandemic Jobs Data Face Revisions as ONS Tweaks Methodology

“U.K. unemployment data covering the months of the pandemic could be revised higher after the Office for National Statistics identified that restrictions to control the coronavirus led to a quirk in their collection methods. With researchers no longer being able to knock on doors to collect data, the ONS found its survey included a higher proportion of owner occupiers, and fewer renters, than before the crisis, leading to a potentially less representative sample. As a result, past and future releases covering employment, unemployment and economic inactivity will be reweighted.”



China Bans Australian Coal Imports as Political Relations Sour

“China has suspended purchases of Australian coal, according to people familiar with the order, as Beijing continues to tightly control imports of the fuel amid soured political relations with Canberra. Chinese power stations and steel mills have been verbally told to immediately stop using Australian coal, the people said, asking not to be identified as the matter is private. Ports have also been told not to offload Australian coal, one of the people said. China’s customs administration wasn’t immediately available to comment.”



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