The number of U.S. first-time recipients fell for 3 consecutive weeks
The number of people receiving unemployment benefits in the United States at the beginning of last week was 4.427 million, which was higher than market expectations of 4.2 million. The previous value was 5.234 million. As for the average number of first-time unemployment assistance of 5.787 million in 4 weeks, the cumulative number of initial unemployment benefits exceeded 26 million in the past month, which is equivalent to 16% of the overall labor force. It also shows that the longest period of economic prosperity since September 2010 All new jobs created disappeared. However, as the number of initial relief payments fell for three consecutive weeks, this may reflect that the worst case of the new coronavirus epidemic on the labor market may have passed.
European Council says EU leaders agree to an emergency support fund
After the leaders of the EU countries in the video summit yesterday, the European Council President Michelle said that the EU leaders agreed to an emergency support fund, but did not announce the actual amount. French President Macron said that EU leaders have discussed joint debt issuance and other financial tools to support the regions or economic sectors most affected by the epidemic. However, the biggest difference among countries is not the common debt, but the support fund formed after the issuance of bonds, which will support the countries most in need through loans or subsidies. According to market news, the EU leader asked the European Commission to work out the details next month. The EU summit failed to reach agreement on the details of the common debt, making the plan uncertain.
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