Xinhua’s Global Economic News Summary at 10:00 GMT, Nov. 4


MANILA – About 4.25 million Filipinos were unemployed in September, up from 3.88 million reported in August, according to a Philippine Statistics Authority (PSA) survey released Thursday.

In an online briefing, PSA director Dennis Mapa said the unemployment rate of 8.9% in September was the highest since January this year. (Philippines-COVID-19)

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WASHINGTON – Given the economic and social interdependence between the United States and China, it is impossible for the two countries to decouple, noted an American political scientist.

“While some voices in Washington speak of ‘decoupling’, it would be foolish to think that we can completely separate our economy from China without huge costs,” wrote Joseph S. Nye, Dean Emeritus of the John F. Kennedy School of Government of Harvard University. in a guest essay published Tuesday in the New York Times. (United States-China-Interdependence)

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WINDHOEK – Namibia’s public debt is expected to rise from 68.7 percent of GDP in FY 2021/22 to 74.2 percent by 2023/24, Finance Minister Iipumbu Shiimi said on Wednesday.

According to Shiimi, the projected budget deficit is still relatively high, especially for fiscal year 2022/23. (Namibia-Public debt-Minister of Finance)

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NEW YORK – US stocks ended higher on Wednesday as Wall Street digested the Federal Reserve’s latest statement.

The Dow Jones Industrial Average rose 104.95 points, or 0.29%, to 36,157.58. The S&P 500 added 29.92 points, or 0.65%, to 4,660.57. The Nasdaq Composite Index rose 161.98 points, or 1.04%, to 15,811.58. (US-Stocks-Increase)

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WASHINGTON – Private companies in the United States created 571,000 jobs in October, signaling new momentum in the labor market recovery, payroll data firm Automatic Data Processing (ADP) reported Wednesday.

“Service sector providers led the increase and the gains in the goods sector were widely distributed,” said Nela Richardson, chief economist at ADP. (United States-Private sector-Jobs-October)


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