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US jobs market stumbles back into decline

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The labour market for the world’s largest economy is heading back into reverse mode after slowly chugging back into gear over the past 8 months, following the March stock crash and initial impacts of the US state lockdown measures.. The December report was the first drop since April figures, providing the strongest evidence of the impact of the huge number of Covid-19 infections weighing on the economy.

“Nonfarm payrolls” in the US fell by 140,000 in December, the data published by the US Bureau of Labour Statistics showed yesterday. This reading follows November’s increase of 336,000 (revised from 245,000) and missed the market expectation of +71,000 by a wide margin.

Further details of the publication revealed that the Unemployment Rate stayed unchanged at 6.7% and the Average Hourly Earnings rose by 0.8% on a monthly basis.

“Nonfarm payroll employment is a compiled name for goods, construction and manufacturing companies in the US. It does not include farm workers, private household employees, or non-profit organisation employees.”

The weakness in the US jobs market largely reflects job cuts at restaurants and hospitality venues impacted by revised restrictions.

The President-elect will inherit an economy that’s down almost 10 million jobs compared with before the pandemic. The pace of hiring will be hard-pressed to accelerate until a meaningful portion of the general population is vaccinated, with distribution in the US running slower than planned and potentially holding back the recovery.

Other parts of the US labour market held up in last month’s figures. Retail, professional and business services, construction and manufacturing all posted job gains, indicating much of the economy continues to stagger back to economic health. The number of unemployed Americans who permanently lost a job declined to a four-month low of 3.37 million.

Michael Gapen, chief U.S. economist at Barclays says parts of the US economy continue to show some resilience.

“Outside of consumer-facing sectors the remainder of the economy continues to show resilience. It does show that if we can get control of the pandemic, then we can restore economic activity and labor market conditions over the course of this year. It’s a pandemic-driven number, a pandemic-driven composition.”

“The pace of hiring will be hard-pressed to accelerate until a meaningful portion of the general population is vaccinated, with distribution in the US running slower than planned and potentially holding back the recovery.”

A new viral strain of Covid-19, that led to new or extended lockdowns in the UK and Germany, has now been identified in the US, which risks spurring more restrictions that could hinder hirings over the coming months.

In December, there was an average of 1.5 million new cases per week in the US and Covid-related deaths continued to rise at a record pace, forcing some states to ramp up business restrictions leading to an uptick in layoffs.

Private-sector payrolls, excluding government jobs, decreased by 95,000 last month following a 417,000 gain in November.

SOURCE: Bloomberg | USA Today

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2 Comments

2 Comments

  1. Avatar

    Jesus Monroe

    Thursday, January 14, 2021 at 3:29 pm

    ……and the stock market continues to rise. In fact bad news keeps making it rise…….crazy shit……what happened to the fundamentals like the good old days…….

    • The Thaiger

      The Thaiger

      Thursday, January 14, 2021 at 3:52 pm

      Physics will prevail, eventually. What goes up, must come down. Who times it right will win… there will be a lot of ‘surprised’ losers.

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Thailand

More than a third of Thai tourism-related businesses closed down

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A Tourism Authority of Thailand survey, conducted between January 10 – 12, indicates that more than a third of the country’s tourism-related businesses has already shut up shop and gone out of business. An enormous majority were begging for TAT and government assistance fearing that they are unable to hand on much longer.

1,884 tourism businesses in Thailand were surveyed about their situations and how they were coping with the long-term closure of the Thai borders and the local restrictions on travel.

The businesses were in the areas of accommodation, travel firms, restaurants, car and bike rentals and public transport businesses.

34.7% said they had already shut down or gone out of business.

That the TAT admit that more than a third of their front-line organisations have gone to the wall already is a big turn-around from the perennially optimistic tone and often cringe-worthy predictions. The TAT and the Thai Minister of Tourism and ports are now staring down the barrel of an industry, not only diminished, but changed forever after decades of stunning growth.

At the start of the week the Tourism and Sports Minister claimed that 10 million tourists would start arriving on Thailand’s shores from the middle of this year for the rest of 2021. Just 3 months ago he also predicted that domestic tourists would undertake some 10 million trips a month during the forthcoming high season (December to February).

With only hope to back up his speculative predictions, the Minister was hopeful the stimulus measures approved by Cabinet will boost tourism numbers and help off-set some of the economic devastation caused by the closure of Thailand’s international borders.

This week’s prediction was that tourists, foreign and local, would be spending 1.2 Trillion baht on the battered tourist industry during 2021. He failed to provide details about where these tourists would come from or where they would visit during their stays – stays that still have to begin with a 14 day mandatory quarantine.

The only good news is a further 65% of businesses that continue to struggle on, waiting to see how 2021 unfolds and the effect of the roll out of Covid-19 vaccines, that will allow countries to open borders and a greater level of travel freedoms once again.

The break out of a cluster of infections in the Samut Sakhon province, just south west of Bangkok, and now spread to the majority of other Thai provinces, on December 20, forced the government to restrict inter provincial travel. The not-quite-a-lockdown that followed severely dampened the travel plans of locals and foreigners inside Thailand over the traditional December/January holiday season. This week the Bangkok Metropolitan Authority loosened some of the earlier restrictions and allowed some formerly closed businesses to re-open.

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Thailand

Government is to allow people to use “legal” parts of cannabis in business

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Government is to allow people to use “legal” parts of cannabis in business | The Thaiger
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With intentions to promote cannabis as the country’s potential new cash crop, the government is preparing guideline to allow people to produce, sell or own cannabis and hemp. The permitted businesses, including textile, pharmaceutical, and cosmetics will be able to register to receive FDA permissions from January 29.

According to the FDA secretary-general, leaves, stalks, stems, roots, flowers, and seeds are not in a list of legal parts as they have high drug content (is there anything left?). Individuals are still not allowed to grow both cannabis and hemp without authorisation. Import and export of hemp must seek permission from the FDA Office as well.

Interested applicants in Bangkok can register at the FDA Office, while those in upcountry can contact the provincial public health offices. Courses and training about how to start a business using marijuana plants will be provided under the collaboration of the Education Ministry and Public Health Ministry.

However, a traditional medicine expert with Chaopraya Abhaiphubejhr Hospital, suggests that 6 groups of people should avoid food and drink with marijuana, including those with liver and kidney problems, heart disease patients, people aged below 25, pregnant women, breastfeeding mothers, and those taking stimulant medications.

SOURCE: Bangkok Post

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Thailand

Myanmar cancels Thai investment in the Dawei Special Economic Zone

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Myanmar cancels Thai investment in the Dawei Special Economic Zone | The Thaiger
PHOTO: Environment Justice Atlas

The Dawei Special Economic Zone Management Committee has announced the cancellation on the deep seaport project contract with Italian-Thai Development (ITD), one of Thailand’s leading industrial firms, by saying that they “lost confidence” in the company after long, controversial issues.

The Dawei Special Economic Zone Management Committee said that the Thai company has caused them “repeated delays, continuing breaches of financial obligations under the contracts and the concessionaires’ failure to confirm their financial capacity to proceed with development”.

They say they will look for new development partners to continue the projects. Currently, there are still no comments from ITD.

The Dawei Special Economic Zone is Myanmar’s initiative to encourage international investments into the country, but the project has been delayed because of funding problems and local opposition.

SOURCE: Thai PBS World

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