Trump’s Jobs Record Fell Short of Promises Even Before the Virus
“Four years later, Trump heads into the November election on track to be the first U.S. leader since World War II to oversee a net loss of jobs during a four-year term. The pandemic upended the nation’s record-long expansion and triggered the sharpest recession since at least the 1940s. As a result, since Trump’s inauguration, the nation has shed a net 4.7 million positions as of August and more than 13 million people are unemployed, the rough equivalent of the combined populations of New York City, Chicago and Houston.”
German Inflation Further Below Zero Bolsters Stimulus Case
“Germany’s inflation rate fell further below zero as the pandemic curtailed demand, adding to the case for more monetary stimulus from the European Central Bank. Consumer prices declined 0.4% in September, the steepest pace in more than five years. Europe’s largest economy is suffering a double blow from tepid consumption and a sales-tax cut the government introduced earlier this year to bolster the economy.”
China Makes Slow Progress on U.S. Trade Deal as Purchases Slide
“China reduced the pace of its purchases of U.S. goods in August, making slow progress in meeting the goals of its trade deal with the world’s biggest economy. The value of U.S. goods bought by China declined from the previous month, led by a slowdown in energy products, according to Bloomberg calculations based on Customs Administration data. By the end of August, China had purchased about 32.8% of the full-year target of more than $170 billion — meaning it must buy about $115 billion of goods in the remaining four months of the year to comply with the agreement signed in January.”
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