Saturday, January 23, 2021

U.S. economy added 661,000 jobs in September, while the unemployment rate fell to 7.9% from 8.4%

What we know: The final jobs report before the election showed a slowdown in hiring — a sign the labor market is in for a long road to recover from the Wuhan virus pandemic, but also showing signs of progress.

Economists expected employers to add 850,000 jobs last month, the smallest figure since the labor market’s recovery began in May. That fell short with 661k being added last month.

Leisure and hospitality, one of the industries hit hardest by the pandemic, once again led in terms of job growth, with gains of 318,000. Retail added 142,000, and health care and social assistance rose by 108,000.

Professional and business services increased by 89,000 and the transportation and warehousing sector grew by 74,000. Manufacturing added 66,000 and financial activities rose by 37,000.

Munch More

Treasury Secretary Steve Mnuchin said on "Fox News Sunday" that the White House will propose topping supplemental joblessness protection in the following boost bundle to supplant 70% of people's lost wages. Republicans are against broadening the $600-per-week supplemental advantages remembered for the CARES Act went in March, contending that it disincentives Americans to come back to work on the grounds that numerous individuals got more cash-flow on joblessness than they did in their earlier activity. Those advantages set to lapse on July 31. "We need to have something which pays individuals about 70% compensation substitution, which I believe is a reasonable level. So it is anything but a fixed number. It's something that pays you a level of your wages that are lost." The opposite side: House Speaker Nancy Pelosi has said Democrats won't acknowledge a transient augmentation of joblessness help and that she underpins keeping up the $600-per-week benefits in the...
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Many Texas bar proprietors state they'll resist Gov. Greg Abbott's command that arranged them shut after a flood in Wuhan virus cases. Stronghold Worth bar proprietor Chris Polone has sorted out what's named as "Opportunity Fest," in which many bar proprietors state they'll open their entryways and set them up Saturday. Around 800 bar proprietors have guaranteed investment, Polone told the Fort Worth Star-Telegram, which could put their state alcohol licenses in peril. The Republican senator had permitted bars to revive with limitations, just to arrange them shut again on June 26 after the state encountered a resurgent episode in the infection that causes COVID-19. Bars must stick to security quantifies that incorporate taking clients' temperatures before entering, keeping up social removing, requiring face covers and having hand sanitizer accessible, Polone said. He said he intends to utilize an antiseptic affirmed by the U.S. Communities For Disease Control and Prevention to haze...
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What President Trump said today about trade relations with China and second trade deal with the country: “I don’t think about that. The relationship with China has been severely damaged.”

Trump’s made his comments to reporters aboard Air Force One on his way to Florida for a fundraiser and a visit to a military base.

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What happened: Payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month, according to a Labor Department report Thursday. The unemployment rate fell for a second month, by 2.2 percentage points to 11.1%, still far above the pre-pandemic half-century low of 3.5%.

A separate report from the Labor Department showed initial applications for unemployment insurance in regular state programs fell by less than expected, to 1.43 million, in the week ended June 27. Continuing claims — or claims for ongoing unemployment benefits in state programs — rose slightly to 19.3 million in the week ended June 20.

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What’s happening: French cosmetics company L’Oreal said Saturday that it will remove words like “whitening” from its skincare products, a move that comes amid global protests against perceived racism, sparked by the death of George Floyd in the United States.

In a brief statement, the company said: “We have decided to remove the words white/whitening, fair/fairness, light/lightening from all its skin evening products.”

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