U.S. Jobs Report Expected to Show Dwindling Gains: Live Business Updates

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Shopfront in West Palm Beach, Florida. Employment growth has decelerated steadily in recent months. A loan… Saul Martinez for the New York Times.

Last month, the U.S. economy created 638,000 jobs, a sign that the labor market continues to slowly recover as the resurgence of the coronavirus threatens future growth.

According to the Ministry of Labour, the unemployment rate fell sharply from 7.9% in September to 6.9%.

The total number of jobs was reduced by the loss of 147,000 temporary jobs during the census, according to the department.

The economy has recovered from about half of the 22 million jobs lost since the March pandemic, but progress has slowed in recent months.

Millions of unemployed workers have had a harder time paying their bills as the federal emergency program ran for an extra $600 a week in benefits at the end of July. Another round of federal unemployment benefits will only be granted until the end of the year.

The Institute for Economic Policy, a left-wing research group, estimates that more than 30 million workers have lost their jobs or reduced their working hours or wages as a result of the coronavirus recession.

As the Senate remains in Republican hands, as election results show, any further relief is likely to be more modest than the multi-million-dollar package that would likely be provided if the blue wave gave Democrats control over Congress and the White House.

Voters will be waiting for their vote Tuesday morning in front of the polling station in Guadalupe, Arizona. A loan… Adriana Zehbrauskas for The New York Times.

Voters in Arizona agreed to a selective measure that would oblige the state’s highest-paid workers to increase teachers’ salaries.

This measure, known as Proposition 208 or the Education Investment Act, imposes a 3.5% income tax on income in excess of $250,000 for individual applicants and $500,000 for joint applicants, in addition to the existing 4.5% income tax.

The 208 protests were supported by 52 percent of voters, the Associated Press reported last Thursday. According to the Arizona election rules, a simple majority is required to decide on tax increases.

It’s an important victory, not just for Arizona, but I think it sent signals across the country, said Meg Wee, deputy director of the Institute for Taxation and Economic Policy, a non-partisan think tank that deals with federal and state tax policy issues.

This allocation is estimated at USD 827 million per year, broken down as follows:

  • 50% in the recruitment and salary increase of teachers and other certified staff, such as consultants and nurses.
  • 25 % to finance the salaries of student assistants, such as classroom assistants and bus drivers.
  • 12% to support vocational and technical training programmes.
  • 10% for retention of teachers and mentoring initiatives.
  • 3 percent to fund the Academy of Teachers of Arizona scholarships, which forego tuition fees for students who study at schools in Arizona and agree to work there after graduation.

Opponents of the tax hike – including Governor Doug Doosey and the Arizona Chamber of Commerce and Industry – said it would hurt Arizona’s economy by discouraging well-deserved talent from moving to Arizona in search of jobs, and that it would hurt small businesses at a time when many are already struggling with coronavirus restrictions.

Small businesses are the engine of our country’s economy, and it’s very important for us to have that impact on small businesses, said Mike Hackins, Vice President of Public Affairs for the Greater Phoenix Chamber of Commerce and Industry, who also opposed this measure.

The promoters point out that this measure is not detrimental to small businesses, since it affects only the income of the population, not the economy, and only the best paid workers in the State are affected.

  • Friday’s Wall Street rally was breathtaking, as the final results of the presidential elections are not yet known. Equity futures have shown that the S&P 500 index will open lower. European stocks fell for the first time this week.
  • But Wall Street is still on the track for record week. By the end of Thursday, the S&P 500 had risen 7.4% during the week, the largest weekly increase since the beginning of April. This is a huge turnaround from last week, when the index fell more than 5% for fear that the global economic recovery could slow down as coronavirus cases continue to rise and the outlook for a short-term fiscal stimulus in the United States is waning.
  • Friday morning, Joseph R. Biden Jr. led the vote in Georgia, further limiting the possibility of re-election of President Trump. Many market analysts expect a divided government in which Republicans will retain control of the Senate. However, it may take several months before the result is known in the Senate, as the chances of two seats in the Georgian Senate have increased.
  • The Stoxx Europe 600 Index fell 0.8% on Friday, but rose 6.4% on the week. The DAX in Germany fell by 1%, the CAC in France by 0.9% and the FTSE 100 in the United Kingdom by 0.3%. In Japan, the Nikkei closed with 0.9%, while the indices of Hong Kong and South Korea changed slightly.
  • Traders will receive an update on how the U.S. economy is responding to the pandemic when the Labor Department releases its latest employment report on Friday. About half of the jobs initially lost in the pandemic have been restored, but recruitment has slowed down. The president of the Federal Reserve said Thursday that the increase in the number of virus cases is a cause for concern and that more financial support would help in the reconstruction.
  • Oil prices have fallen. The US benchmark for West Texas Intermediate crude fell 3% to less than $38 a barrel. The Dollar index fell for the 4th consecutive day to reach its lowest level in about two months.

Look and wait. The loan… Andrew Harnick, Associated Press…

The four years of Mr Trump’s presidency, which culminated in a very competitive and controversial election, were a blessing for media companies and social networks. But because these companies are looking to the future and expect possible changes in the political landscape, DealBook explains, there are risks involved.

Politics has become a gold mine for broadcasters such as Comcast, a relative of NBCUniversal, who reported a 70 per cent jump in political advertising in the 2016 election. The local television stations have also benefited from this: Gray Television and Nexstar Media reported revenues from political advertising that far exceeded their expectations. Fox News, the most popular news network, helped the parent company increase its advertising revenue by 18% in the last fiscal quarter.

The New York Times reported a doubling in net income in the third quarter, while digital subscribers’ revenues exceeded those of paper subscribers for the first time. Internet giants such as Facebook and Google have also benefited from an increase in political advertising.

But the navigation through the elections was overloaded with media companies. When President Trump made numerous false statements about the fairness of the vote on Thursday, ABC, CBS and NBC were quickly clarified. Fox News stuck to his story, but the news service was skeptical about Mr. Trump, and the company already had Mr. Trump’s anger towards someone else because he called Joe Biden in Arizona.

Facebook wiped out a growing user group that was trying to delegitimize the elections. And it is prepared to take further steps to slow down the spread of misinformation on its platforms. Since Tuesday, Twitter has added alerts on 38% of Mr. Trump’s tweets. YouTube is switching to video striptease ads that advertise misleading election statements, but don’t record them.

What happens then? Traditional media companies are confronted with the possible end of the so-called trump card. In this case, Fox News will rise to the challenge of becoming an opposition channel and face a possible new rival network connected to Mr Trump. And the social media giants will have to decide whether or not to maintain the measures they have imposed to limit the spread of misinformation around the elections, given the trade-off of the delayed growth.

Jose Neves (center), founder and CEO of Farfetch, in 2018 when the company went public in New York. A loan… Justin Lane/EPA, through Shutterstock…

Just days after LVMH agreed to buy Tiffany & Co. at a slightly lower price, ending months of heated public debate, the global luxury industry signed a revolutionary new deal that will bring together some of its biggest names.

The Swiss luxury watch and jewellery manufacturer Richemont and the French luxury goods holding company Kering Artemis join Chinese e-commerce giant Alibaba and invest $1.15 billion in Farfetch, a luxury goods e-commerce platform based in East London but listed in New York.

The target? The emergence of a new Chinese market that will benefit from the growing demand for luxury products in a country that has recovered from a temporary fall in consumption due to the pandemic at the beginning of the year. The partnership announced Thursday evening that it could also mean further consolidation of the fragmented online luxury market in a dramatic shift in global retailing.

Farfetch’s shares in pre-market trading increased by more than 11%.

As part of this agreement, Alibaba will present the elite Farfetch shopping channels at the Tmall luxury pavilion and the Soho luxury platforms. Alibaba and Richemont will each invest $300 million in Farfetch Limited and another $250 million in the new company Farfetch China. Together they will own 25% of the shares in the new joint venture.

Artemis will increase its existing interest in Farfetch by buying shares of Farfetch for $50 million. Under the auspices of Farfetch, Alibaba, Richemont and Artemis, a steering committee will also be formed to explore new ways of introducing digital technology into luxury sales, according to the press release.

As Amazon continues to invest heavily in its luxury goods business, the agreement confirms that Farfetch is a leading player in the Western luxury goods market. Unlike its competitors, Farfetch recorded second-quarter flight sales of $721 million this year, a 48% increase over the same period last year. Founded in 2007 by Jose Neves, the company’s investors include Alibaba’s competitors JD.com and Tencent. So far the biggest competitor of Farfetch was Yoox Net-a-Porter, which was bought by Richemont in 2018.

Either you’re a disintegrator or you’re confused and I hate to be the last, Richemont chairman Johann Rupert told reporters on Friday on the phone and later stressed that Richemont is not interested in the merger or acquisition of Farfetch.

We are dealing with a public company that we hope will remain independent, says Rupert, who adds that Neves will remain responsible for Farfetch.

The Chinese luxury goods market, which is expected to account for half of global luxury goods sales by 2025, has made a strong recovery this year as buyers who have broken through the Covid 19 barriers are pushed into chains or stores.

  • CVS reported Friday that sales in the third quarter increased by 3.5 percent compared to the same period in 2019. The drugstore chain earned $1.22 billion, an increase of $1.53 billion at the same time last year. CVS has also appointed its new Executive Director, Karen Lynch, who is currently executive vice president of CVS Health and president of Aetna, a health insurer that acquired CVS in 2018. Mrs. Lynch will replace Larry J. Merlot, who retires on day one. The month of February retires. The CFS responded to the pandemic by offering more than 4,000 coronavirus test stations in the United States and flu vaccinations.
  • The proposed $5.3 billion acquisition of Plaid by Visa, a financial technology company that helps consumers connect their bank accounts to thousands of financial applications, will give the company an unfair position in the online debit market, according to a lawsuit filed Thursday. In a lawsuit filed in the Federal Court in San Francisco, the Department of Justice said the agreement would remove a new competitive threat to visas, which it claims controls more than 70 percent of the online debit market.
  • Uber’s core transportation business continues to be affected by the coronavirus, while its food supply business is growing, the company’s quarterly report said Thursday. Third quarter sales of Uber were $3.1 billion, down 18 percent from the previous year. The company lost $1.1 billion, up 8% from the $1.2 billion it lost in the third quarter of last year.

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