What we’re reading (3/11)
“US Jobless Claims Fall To 712,000 As Pace Of Layoffs Eases” (ABC News). “The number of Americans seeking unemployment benefits fell last week to 712,000, the lowest total since early November, evidence that fewer employers are cutting jobs amid a decline in confirmed coronavirus cases and signs of an improving economy.”
“House Passes $1.9 Trillion Covid Relief Bill, Sends It To Biden To Sign” (CNBC). “House Democrats passed a $1.9 trillion coronavirus relief bill on Wednesday, sending one of the biggest stimulus plans in U.S. history to President Joe Biden’s desk. The president hopes to sign the bill Friday after Congress formally sends it to the White House, which can take days for large bills. Biden will check off his first major legislative item as the U.S. tries to ramp up Covid-19 vaccinations and jolt the economy.”
“The World Went On A Debt Binge Last Year. There Could Be A Nasty Hangover” (CNN Business). “Spurred on by rock-bottom rates, governments issued $16.3 trillion in debt in 2020, and they're expected to borrow another $12.6 trillion this year, according to S&P Global Ratings. But fears are growing that an explosive economic comeback starting this summer could generate inflation, potentially forcing central banks to raise rates sooner than expected. Should that happen, the cost of servicing mountains of sovereign debt will jump"[.]
“World's Biggest Asset Manager Says Gold Is Failing As A Hedge Against Inflation And Stocks” (Business Insider). “Gold is failing as a hedge against both equities and inflation, a portfolio boss at the world's biggest asset manager BlackRock has said. In a blog post on Wednesday, Russ Koesterich said gold trades ‘with a positive correlation’ with stocks, causing problems for investors who want to protect themselves against falling equity prices.”
“Companies Are Boosting Wages To Bring Workers Back In COVID-19 Recovery” (Yahoo! Finance). “The Bureau of Labor Statistics said that average hourly earnings nationally rose 5.3% year-over-year in February, to $30.01 per hour. But those figures remain noisy. Because a large share of the job losses in the pandemic were among low-income workers, the data for average wage growth ends up becoming more representative of higher-earning workers.”
