Private Labor Market Weakened In November, Lawmakers Working On Economic Support Plan

While coronavirus cases have been on the rise in the United States for more than a month, in November, the ADP report released on Wednesday reported 307,000 private job openings in the United States, well below the 450,000 job openings industry consensus. In revised reading, October’s figures came out at 404,000, up from 365,000 previously estimated. The full U.S. employment situation report for November will be issued on Friday.

Although the number of Covid-19 fatalities in the United States has now exceeded 272,000 (up 2,604 in 24 hours), the financial markets are still anticipating a new budget support package to take over from the massive $2,200 billion plan approved in March (the CARES Act) but whose key support steps will be completed by 31 December.

Negotiations between Democratic House Speaker Nancy Pelosi and Steven Mnuchin, Donald Trump’s Treasury Secretary, to find a solution during the transition phase resumed on Tuesday (suspended since the days leading up to the November 3 presidential election).

President-elect Joe Biden, who is going to take office on January 20, urged the U.S. Congress on Tuesday to act quickly in the face of the ravages of the coronavirus pandemic on the American economy and society to pass a new emergency support plan immediately.

At the same time, Federal Reserve Chairman Jerome Powell spoke before a Senate committee and said that “without help, the risk is to lead to more inequality.” Jerome Powell and Steven Mnuchin are being heard by a Congressional committee, this time in the House of Representatives, on Wednesday for the second day in a row.

The Fed boss delivered an intervention on Tuesday tinged with cautious optimism, rejoicing in the advancement of vaccinations, but demonstrating his caution in the face of future developments. Steven Mnuchin, for his part, ruled Tuesday that Congress should reallocate the unused $455 billion under the CARES Act to create a new tax plan with bipartisan support.

A bipartisan group of senators separately drafted a new $908 billion stimulus plan on Tuesday. The proposal will be a compromise between the $2,000 billion the Democrats have been claiming for months and the $500 billion minimum package the Republican senators have endorsed so far.

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