The U.S. jobs market will recover more slowly than the GDP, according to the consensus among 63 economists the Wall Street Journal surveyed in early October. “We’re substituting away from labor-intensive services,” said economist Leo Feler at the University of California at Los Angeles. The group expects the U.S. economy to contract 3.6 percent this...
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STUDY: TRUE UNEMPLOYMENT RATE IS 26.1 PERCENT
If an unemployed person is defined as someone seeking a full-time job that pays a living wage but is unable to find one, the actual U.S. unemployment rate is 26.1 percent, according to a study by the nonprofit Ludwig Institute for Shared Economic Prosperity. The official definition of unemployment is a person who is earning...
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UNEMPLOYMENT CLAIMS UP
In the week ending 10 October, 898,000 workers filed new claims for unemployment benefits, more than the 830,000 expected by economists surveyed by Dow Jones. The tally was the highest in seven weeks, indicating employers are still shedding jobs in high numbers, with some bracing for a second virus wave to crimp the economy in...
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STIMULUS ENDS, POVERTY RISES
The proportion of Americans living in poverty rose from 9.3 percent in June to 11.1 percent in September, according to a study by researchers at the University of Chicago, the University of Notre Dame, and China’s Zhejiang University. The number translates to about eight million more Americans who now are poor. The poverty rate was...
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THAI PROTESTERS FACE ARCANE LAW CARRYING LIFE SENTENCE
Ruling authorities in Thailand are trying to get a hold on protesters who have taken to the streets in Bangkok by the thousands over the past three months. The protesters are calling on the country’s prime minister to step down and change its constitution to embrace democracy while reforming the role of the monarchy. Nattarika...
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ISRAEL APPROVES 4,000+ NEW SETTLER HOMES
Israel’s plan to build over 4,000 new settler homes in the West Bank prompted European countries to voice their concerns about the move and its effect on stability in the region. France, Germany, Britain, Italy, and Spain issued a joint statement that called the expansion of settlements a violation of “international law and further imperils...
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NIGERIANS PROTEST POLICE BRUTALITY
Anti-police brutality protesters have emerged across the West African country last week calling for the government to end its controversial police unit called the Special Anti-Robbery Squad, known in the country as “SARS.” Reuters reported that the protesters – which are comprised of many young people in the country – have been using social media...
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$70B A YEAR REQUIRED TO TACKLE COVID’S EFFECT ON POVERTY
David Malpass, the President of the World Bank Group, said last week the bank will require at least $70 billion a year to reduce COVID’s impact on poverty, according to Nairametrics. “To put the financial challenge in perspective, consider the 100 million people we fear have already been pushed into extreme poverty by COVID-19. To...
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ILLEGAL BORDER CROSSINGS ON THE RISE
Border Patrol agents on the U.S.-Mexican border recorded their busiest month since 2006 involving illegal border crossings, according to a report in last Thursday’s Wall Street Journal. The agency said agents caught 54,771 migrants trying to enter the country illegally and immediately expelled 48,327 of them. Despite the high number in September, the number of...