China becomes only major economy to avoid Covid-19 recession in 2020

BEIJING (REUTERS) – China’s economy grew at a faster-than-expected pace in the fourth quarter of last year, ending a rough coronavirus-stricken 2020 in remarkably good shape and remained solidly poised to expand further this year. The gross domestic product (GDP) expanded 6.5 per cent, data from the National Bureau of Statistics showed on Monday (Jan 18), faster than the 6.1 […]

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Biden Treasury nominee Janet Yellen to say US does not seek weaker dollar: WSJ

BENGALURU (REUTERS) – Janet Yellen, President-elect Joe Biden’s pick to take over the US Treasury, is expected to affirm the United States’ commitment to market-determined foreign exchange rates when she testifies on Capitol Hill on Tuesday, the Wall Street Journal reported on Sunday (Jan 17). The Treasury secretary nominee will make clear at a Senate confirmation hearing that the United […]

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US unemployment spikes with 1 million jobless claims last week

WASHINGTON (NYTIMES) – Ten months after the coronavirus crisis decimated the US labour market, the resurgent pandemic keeps sending shock waves through the economy. Though more than half of the 22 million jobs lost last spring have been regained, a new surge of infections has prompted shutdowns and layoffs that have hit the leisure and hospitality industries especially hard, dealing […]

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When will US interest rates rise? Fed chief says 'no time soon'

WASHINGTON (NYTIMES) – With the incoming administration of US President-Elect Joe Biden pushing for more economic stimulus and with multiple coronavirus vaccines already approved, some investors have been wondering whether the Federal Reserve might soon start to ease off its support for the economy. Jerome Powell, the central bank’s chairman, made it clear on Thursday (Jan 14) that the US […]

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Once again, job losses fall unequally across the U.S. economy

WASHINGTON — Ten months into America’s viral outbreak, low-income workers are still bearing the brunt of job losses — an unusual and harsh feature of the pandemic recession that flattened the economy last spring. In December, the nation shed jobs for the first time since April. Once again, the layoffs were heavily concentrated in the industries that have suffered most […]

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