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“In general, these end-of-year meetings have proven to be the more volatile of the semiannual OPEC conferences,” said Peter McNally, global energy sector lead at investment and research firm Third Bridge. Although primarily a technical headache for speculators, the inversion highlighted just how severe the oil glut had become. “The biggest problem continues to be Covid,” said Tom Kloza, global head of energy analysis for OPIS by IHSMarkit. “There a strong argument that gasoline demand will not reach its pre-pandemic levels,” DeHaan said. “Longer-term, renewables have potential to take market share from fossil fuels, and that would bode poorly for OPEC,” Glickman said.
Persons: , Peter McNally, , “ It’s, Patrick DeHaan, Stewart Glickman, Tom Kloza, ” DeHaan, , ” McNally, refiners, Joe Biden, bode, ” Glickman Organizations: United Arab Emirates, CFRA Research, IHSMarkit, OPEC Locations: Saudi Arabia, OPEC, cratering
The U.S. economy added 245,000 jobs in November, as the unemployment rate fell to 6.7 percent, according to data released Friday by the Bureau of Labor Statistics. Amid a fresh surge in coronavirus cases and a new round of shutdowns, Friday's figure represents the fifth straight month of decelerating job gains. "Today’s report is both a wakeup call and a warning," said Nick Bunker, Indeed economic research director. "Basically, every major group except for health care has seen job openings fall," he said. Since job openings are a forward-looking metric, economists are looking ahead with some trepidation to the December jobs report, which will be released just after the new year.
Persons: Nick Bunker, , , Dow Jones, , Julia Pollak, Dan North, Euler Hermes,, Daniel Zhao, ” Zhao, ” Pollak Organizations: Bureau of Labor Statistics, BLS, Moody’s Locations: U.S, North America, lockdowns
Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testified in front of the Senate Banking Committee on Tuesday, as lawmakers asked — in sometimes heated exchanges — why Mnuchin had announced a Dec. 31 expiration date for several CARES Act emergency lending programs. That amount is a fraction of the $2.2 trillion stimulus package approved by the House of Representatives back in September. Sen. Pat Toomey, R-Pa., argued that the Fed emergency lending provisions were intended specifically to provide liquidity to markets. Dan North, chief economist, North America at Euler Hermes, said this line of reasoning made sense. The next few months will be critical for the nation from a public health as well as an economic perspective.
Persons: Steven Mnuchin, Jerome Powell, , Mnuchin, Luis D, Alvarado, Mnunchin, , Chair Sen, Mike Crapo, Sen, Pat Toomey, ” Mnuchin, Bob Menendez, Sherrod Brown, Mnuchin’s, lambasting, Trump, Dan North, Euler Hermes, you’re, Powell, Tim Scott, “ I’m, it’s Organizations: Federal, Wells, Investment Institute, , Chair, Republicans, Democratic Senators, Treasury, Banking, America, Black Locations: North America
President-elect Joe Biden’s choices to fill key economic positions in his administration telegraph a commitment to assembling a diverse brain trust tasked with supporting an economy struggling against a resurgence of Covid-19. Biden has also named labor economist Cecilia Rouse, dean of the Princeton School of Public and International Affairs, to chair the White House Council of Economic Advisers. The Great Recession was an economic crisis precipitated by a financial crisis. An analysis by Beacon Policy Advisors of the economic advisers Biden leaned on during the campaign noted the left-leaning positions held by many in his inner circle. “There is an economic crisis, and it is doubtful that the Democrats will have a majority in the Senate.
Persons: Joe Biden’s, Janet Yellen, Biden, Adewale, Wally ” Adeyemo, Adeyemo, Neera Tanden, Tanden, Barack Obama, Cecilia Rouse, Jared Bernstein, Heather Boushey, , Stephen Myrow, “ He’s, Donald Trump’s, Rouse, , Mark Hamrick, Scranton Joe, ” Myrow, ” Hamrick, “ It’s, Obama, Hillary Clinton, Clinton, Bernie Sanders, , “ Cecilia Rouse, Michael Munger, Brian Deese, Deese, “ Rouse, ” Munger Organizations: Treasury, Obama, Management, Center for American Progress, Democratic, Princeton School of Public and International Affairs, White House Council, Economic Advisers, Beacon Policy Advisors, Senate, Treasury Department, South, of Economic Advisers,, Scranton Joe, Labor, Trump, GOP, Republicans, Democratic Party, Beacon Policy, Duke University, Wall, Economic Council, Democratic Party’s, Deese, NEC Locations: American, Scranton, Washington, BlackRock
Relief is needed right now: Fmr. White House Council of Economic Advisers chairJason Furman, former White House Council of Economic Advisers chair under President Obama, says President-elect Joe Biden's team will be dedicated to passing a second stimulus bill to help those in need, but Congress shouldn't wait. He joins 'Closing Bell' to talk about market implications of Biden's economics team.
Persons: Jason Furman, Obama, Joe Biden's Organizations: White House Council, Economic
And now, after weeks of speculation and guessing, analysts say it’s clear: Covid-19 has also claimed retail bellwether Black Friday. “All the other stores, you would have thought it was like any other Friday in November,” he said. The pandemic also seems to have killed off the contentious practice of opening stores on Thanksgiving Day itself, with most major retail chains announcing 5 a.m. Friday opening hours. “I think a lot of people are going to skip going out in person this year,” Dunn said. Adobe Analytics found that Thanksgiving Day spending spiked by 22 percent to a record high of $5.1 billion.
Persons: “ It’s, It’s, , Marshal Cohen, Cohen, “ There’s, ” Joseph Feldman, Lizabeth Dunn, , ” Dunn, Heil, TJ Maxx, ” Feldman, Greg Maloney, “ We’re, Nick Shields, Maloney, David Marcotte, ” Cohen, there's Organizations: NPD, Amazon, Telsey Advisory, Consumer Growth Partners, Reuters, Washington , D.C, Walmart, Edison Trends, Adobe Analytics, Kantar Consulting Locations: New York City, Virginia, Washington ,, Effingham , Illinois, Pennsylvania, U.S, Americas, Tucson , Arizona, West
The economic data coming out is vexing even the experts: Some figures indicate continued, albeit more modest, recovery, but others are flashing red. Renewed lockdowns could be devastating for workers, whose pandemic safety net will vanish entirely in mere weeks. The Pandemic Emergency Unemployment Compensation program ends the day after Christmas, and the Pandemic Unemployment Assistance program, which provided unemployment benefits to gig workers and others not typically covered by state programs, expires on Dec. 31. The enormous jump in third quarter GDP came after a quarter in which economic activity plunged by 31.4 percent. The risk is we're going to see a further unwinding going forward,” said Mike Englund, chief economist at Action Economics.
Persons: , Gary Schlossberg, David Wagner, , they're, Mike Englund, Mayfield, Ian Shepherdson, “ We’re Organizations: Wells, Investment Institute, Aptus Capital Advisors, Commerce Department, Action Economics, Pantheon
The Dow rose by just over 400 points Tuesday morning, surpassing an intraday high. Wall Street's rally came a day after the Trump administration agreed to start the transition process to President-elect Joe Biden, giving him access to millions of dollars in federal funds and other resources to begin his transition to power. Markets hit record highs this month after Moderna and Pfizer both announced promising vaccine candidates in the fight against Covid-19. Wall Street was also optimistic after former Federal Reserve Chair Janet Yellen emerged as President-elect Joe Biden's likely pick for treasury secretary. During her four-year tenure at the Fed, Yellen supported the economic recovery through accommodative monetary policy and support for low interest rates.
Persons: Dow, Wall, Trump, Joe Biden, Donald Trump's, Biden, Janet Yellen, Joe Biden's, Yellen, , David Frisch, Sameer Samana, Yung, Yu Ma, James McDonald, ” wouldn’t Organizations: Dow Jones, Nasdaq, Moderna, Pfizer, Covid, Fed, Federal Reserve, Frisch Financial, Wells, Wells Fargo Investment Institute, Apple, Microsoft, Dow, BMO Wealth Management, Hercules Investments Locations: Wells Fargo
If approved by the Senate, Yellen, 74, would be the first woman to hold the Cabinet-level position of secretary of the Treasury in the agency’s 100-year history. Yellen was the first woman to chair the Fed when she succeeded Ben Bernanke in 2014, after having served as vice chair since 2010. During her four-year tenure at the Fed, Yellen supported the economic recovery through accommodative monetary policy and backing low interest rates. Although new to the Treasury, the Brooklyn-born Yellen would, in many ways, be on familiar ground. Since stepping down as Fed chair in 2018, Yellen has worked as an economist at the Brookings Institution.
Persons: Janet Yellen, Joe Biden, Biden, , Yellen, Ben Bernanke, Gary Cohn, Donald Trump's, , Steven Mnuchin, Bill Clinton Organizations: Treasury Department, President, Senate, Treasury, Economic Council, Biden, Democratic Party, , Brooklyn -, Yale, San Francisco Fed, of Economic, Brookings Institution Locations: Yellen, United States, Brooklyn
Tibetan political leader visits White House for first time in six decades
  + stars: | 2020-11-21 | by ( Reuters Staff | ) sentiment -0.62   time to read: +2 min
REUTERS/Thomas PeterSHANGHAI (Reuters) - The head of the Tibetan government in exile has visited the U.S. White House for the first time in six decades, a move that could further infuriate Beijing, which has accused the United States of trying to destabilise the region. Lobsan Sangay, President of the Central Tibetan Administration (CTA), was invited to the White House to meet the newly appointed U.S. Special Coordinator for Tibetan Issues, Robert Destro, on Friday, the CTA said in a press release. Tibet has become one of the areas of dispute between the United States and China, with relations between the world’s two biggest economies at their lowest point in decades. U.S. Secretary of State Mike Pompeo accused Beijing in July of violating Tibetan human rights and said Washington supported “meaningful autonomy” for the region. Beijing officials have since accused the United States of using Tibet to try to promote “splittism” in China.
Persons: Thomas Peter SHANGHAI, Sangay, Robert Destro, , Mike Pompeo, Destro, Xi Jinping Organizations: Tibet Autonomous, REUTERS, . White, Central Tibetan Administration, Tibetan, CTA, U.S, Beijing, Washington Locations: Lhasa, Tibet, Tibet Autonomous Region, China, Beijing, United States, India’s Dharamshalah, China . China
When Joe Biden takes office it will be a return to familiar times, in more ways than one. He will again be overseeing the implementation of an American relief and reinvestment plan after a severe economic downturn. How well he took the lessons of being “sheriff” of that effort may determine how quickly the country recovers now. “I think the broadest lesson is we went from stimulus to austerity very quickly — too quickly,” he said. Experts say there are a few specific topics on which Biden and his team can draw on models developed and lessons learned in the last recovery.
Persons: Joe Biden, Obama, Biden, Jerome Powell, Philip Harvey, Harvey, , Zandi, , Jared Bernstein, Biden’s, Tom Guevara, ” Zandi Organizations: , Rutgers University School of Law, Tea Party, Indiana University Public Policy Institute, , Congressional Republicans, Democratic Locations: Covid, New York, California
Observers said it was striking that his ensuing speech led with an overview of the meeting and an emphasis on the cooperative spirit — especially because big business and big labor don't typically see eye to eye. It remains to be seen whether that will work, but I think it's the strategy he's going to have to pursue." In turning back to the economy, Biden urged the lame-duck Congress to redouble its efforts to agree on a stimulus package. Biden stressed the need to help unemployed workers and cash-strapped families, many facing dual child care and health care crises. Guevara added, however, that Biden still will face an uphill battle getting some pieces of his agenda through Congress.
Persons: Joe Biden, Biden, Philip Harvey, Donald Trump, Wendy Edelberg, Edelberg, I'm, Mark Zandi, Tom Guevara, Guevara, We've, Zandi, Harvey Organizations: Republican, Motors, Microsoft, Target, Observers, Rutgers University School of Law, Republican Congress, Hamilton Project, Brookings Institution, Moody's, NBC, Indiana University Public Policy Institute Locations: Washington
Senate Majority Leader Mitch McConnell surprised observers when he announced plans to hold a floor vote on Shelton’s confirmation this week during the lame-duck session of Congress. When Harris changed her plans to vote against the nomination, the final vote became 50-47 to block the nomination. This raised the likelihood that confirmation would come down to a tiebreaker vote cast by Vice President Mike Pence. Shelton's nomination passed the Senate Banking Committee this year along party lines, with all 12 Democratic members in opposition. Stifel chief economist Lindsey Piegza said the cracks in Shelton’s Republican support indicated “growing concern” about the potential politicalization of monetary policymaking.
Persons: Judy Shelton, Donald Trump's, Kamala Harris, Mitch McConnell, McConnell’s, Lisa Murkowski, McConnell, Mike Pence, Tennessee’s Lamar Alexander, Shelton, Mitt Romney, Susan Collins of Maine, Alexander, Rick Scott, Chuck Grassley, Harris, Mark Kelly, ” Kenneth Kuttner, “ She’s, , “ Sen, Sen, ” Karen Shaw Petrou, , ” Petrou, Shelton's, Lindsey Piegza, ” Alexander, Kuttner Organizations: Federal Reserve, of Governors, Republican Senators, Republican, Republicans, Senate, Republican Iowa, Arizona, Democrat, Williams College, Federal Financial, Banking, Democratic, White, Federal Reserve Board Locations: Covid, Alaska, Utah
As Covid-19 cases surge, experts say, the mental health of millions of unemployed Americans is at risk. Even in normal recessions, experts say, prolonged job loss is an under-the-radar mental health crisis that can sap people's confidence and sense of identity. Even in normal recessions, experts say, prolonged job loss is an under-the-radar mental health crisis that can sap people's confidence and sense of identity. "There's also emotional trauma, the physical and mental health challenges that impact the well-being of these individuals." Because we don't know when the pandemic is going to lift, a lot of companies are reluctant to bring up headcount."
Persons: everyone's, Ofer Sharone, Maria Heidkamp, Donovan Vogel, Vogel, Heidkamp, Sharone, Roy Cohen, It's, Cohen, Michele Evermore, Tami Marks, hasn't, doesn't, I've, Marks, it's Organizations: University of Massachusetts Amherst, Network, Rutgers University, National Employment Law, Target, NBC Locations: Philadelphia, Mesa , Arizona, Marks
U.S. Secret Service is seen during President Donald Trump campaign speech just four days before Election Day outside of Raymond James Stadium on October 29, 2020 in Tampa, Florida. More than 130 U.S. Secret Service officers have been ordered to isolate after testing positive for Covid-19 or being exposed to an infected co-worker, The Washington Post reported Friday. The outbreak is thought to be partially related to President Donald Trump's campaign rallies, sources told the paper. Covid-19 infections have also recently afflicted prominent figures in the Trump campaign and White House, including Chief of Staff Mark Meadows, campaign advisor Corey Lewandowski and White House political affairs director Brian Jack. White House spokesman Judd Deere declined to comment and referred questions about the Secret Service outbreak to the USSS.
Persons: Donald Trump, Raymond James, Donald Trump's, Mark Meadows, Corey Lewandowski, Brian Jack, Judd Deere Organizations: Secret Service, Washington Post, Trump, White House, Johns Hopkins University . White Locations: Tampa , Florida, White
Economists and market analysts say that when President-elect Joe Biden takes the oath of office in January, he will inherit a battered economy. A worsening public health picture could incentivize lawmakers to work quickly, some said. Mayfield said another way Biden could contribute to job gains would be to coordinate more PPE production at American factories. “In proposing a Public Health Jobs Corps, Biden is wisely copying from the New Deal’s playbook of providing short-term ‘emergency’ employment." “In proposing a Public Health Jobs Corps, Biden is wisely copying from the New Deal’s playbook of providing short-term ‘emergency’ employment in ways that will stimulate long-term economic growth,” Williams said.
Persons: Joe Biden, Sen, Mitch McConnell, Biden, McConnell, Donald Trump’s, , , Ross Mayfield, Baird, aren’t, Mark Zandi, Zandi, Trump, “ Biden’s, “ It’s, He’s, Sam Stovall, ” Mayfield, Jerome Powell, Mason B, Williams, Stovall, Mayfield, ” Williams, Chris Zaccarelli Organizations: Republican, Biden, Republican Senate, Moody’s, Trump, CFRA Research, Republican Congress, Federal, Pfizer, Williams College, , Health Jobs Corps, Congressional Republicans, GOP, “ Republican Senators, Independent, Alliance Locations: , shutdowns
One of the top priorities for President-elect Joe Biden will be to rebuild America's battered workforce and kick-start business growth. The labor market still faces a deficit of more than 10 million jobs, with more disappearing permanently. The number of unemployed Americans who have been jobless for more than 26 weeks jumped to 3.6 million in October from 2.4 million the month before, or one-third of all unemployed workers. Yet the U.S. does not have the tools to realign workers and their skill sets to the new realities of the labor market. "The labor market won't be recovered for years," said Ryan Sweet, senior director of economic research at Moody's.
Persons: Joe Biden, Liz Ann Sonders, Charles Schwab, Ryan Sweet, Biden, AnnElizabeth Konkel, Konkel, Heidi Shierholz Organizations: Economic Policy Institute Locations: U.S, lockdowns
As President-elect Joe Biden prepares to assemble the key players in his upcoming administration, Federal Reserve Governor Lael Brainard has been floated as a possible Treasury Secretary. She would be the first woman to lead the Treasury Department, if chosen and confirmed by the Senate. Brainard’s career includes an earlier stint at the Treasury, to which she was confirmed with bipartisan Senate support in 2010 on a 78-19 vote. After leaving the Treasury in late 2013, she moved to the Fed, also with bipartisan backing — she was confirmed in June 2014 by a 61-31 vote. "The Biden administration will look for centrist candidates on key economic and financial posts."
Persons: Joe Biden, Lael Brainard, , Biden, , Stephen Myrow, Brainard, , Elizabeth Warren, ” Sen, Brian Schatz, Kamala Harris —, ” Brainard, ” Myrow, Karen Shaw Petrou, Myrow, She’s, Jerome, Powell, Obama, Timothy Geithner, Geithner Organizations: Federal, Treasury Department, Senate, Beacon Policy Advisors, Treasury, Democratic Party’s, NBC News, Biden, GOP, Federal Financial, GOP Senate Locations: Hawaii
The median duration of unemployment has climbed to 19.3 weeks, more than double what it was a year ago. “I think we're on the cusp of catastrophic long-term unemployment. “Jobs that are usually safe, namely service sector jobs, social services, retail sales — those jobs are the ones that were most affected,” said Till von Wachter, professor of economics and director of the California Policy Lab at the University of California, Los Angeles. “Unemployment insurance is designed to deal with frictional unemployment — your skills are still useful, there's still a market for your work. Our programs are kind of piecemeal and mostly inadequate, and that makes it more challenging still.”“Some of those jobs will not be returning.
Persons: , , Maria Heidkamp, Jeffrey Wenger, Juan Fernandez, St, Patrick's, shutdowns, Fernandez, , It’s disheartening, Hannah Miller, ” Miller, Jobs, Till von Wachter, can’t, ” Wenger, Wenger, “ There’s, ” Heidkamp, Austin Nichols, Nicolas Leininger, I’d, Leininger, “ I’m Organizations: Network, Rutgers University, RAND Corporation, NBC, University of California, U.S, doesn’t, , OECD, ABT Associates, Washington , D.C Locations: Savannah , Georgia, Ventura , California, California, Los Angeles, Washington ,
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