U.S Economic News

September 9, 2020

U.S. Economic Indicators

The Job Openings and Labor Turnover Survey (“JOLTS”) indicates that the number of job openings rose 617,000 to 6.6 million in July. The number of hires fell 1.2 million to 5.8 million, while the quits rate edged up to 2.1 percent. BLS Report

U.S. News

Tory Newmyer writes for the Washington Post that while the Senate is preparing to vote on a slimmed-down $500 billion stimulus package on Thursday, the bill is not expected to advance due to a lack of support from House Democrats and even some Republicans. There are few indications that bipartisan talks are close to reviving, though many Wall Street firms continue to assume an imminent stimulus package in their economic forecasts, likely overestimating the pace of recovery. WaPo

According to the Financial Times, a recent survey by the American Chamber of Commerce found that just 4% of U.S. companies operating in China have plans to relocate any production capacity back to the U.S., indicating that businesses are not overly concerned about the possibility of U.S.-China decoupling. More than 70% of companies indicated they have no plans to relocate any manufacturing capacity out of China, though the rapidly deteriorating U.S.-China relationship was cited as companies’ largest concern for the first time in the survey’s history. FT