American policymakers are pressing for more trade with Mexico and Canada as more Americans lose their jobs. Jobless claims rose 10,000 last week, above expectations and a 3.5% jump from the prior week. The Department of Labor study saw more Americans looking for work, causing the four-week moving average of jobless claims to remain steady.
Pakistan’s province of Balochistan is one of the least water-secure provinces in Pakistan. Not only does this make farming difficult, it makes life itself quite uncertain. That is why the World Bank today announced that it had approved a $200 million credit to help Pakistan bring community-based water management to this region.
In a recent report, UN chief Zeid Ra-ad al-Hussein outlined rampant human rights violations in Burundi, according to Voice of America. Political violence has ensued since July 2015, when President Pierre Nkurunziza won a third term despite constitutional term limits. Burundi has a history of ethnic strife between Hutus and Tutsis.
Just as the U.S. Government and Federal Reserve are getting more optimistic about America’s growth prospects, new data shows the housing market may be topping out.
Pending home sales fell a shocking 3.7% in May, versus a 1.1% expectation and a sharp reversal from April’s 3.9% jump. The new study by the National Association of Realtors (NAR) saw pending home sales fall on a year-over-year basis for the first time since 2014, as tapped-out Americans struggle against persistent home price growth.
China and the United States are set to square off in a suit before the World Trade Organization (WTO) regarding a brewing dispute over steel imports. China, along with several other countries, has been exporting large quantities of corrosion-resistant steel to the United States at rates domestic producers cannot match. As a result, the US has raised tariffs and may take anti-dumping measures. Meanwhile, China has threatened suit if the US does this.
Prime Minister-designate Fayez Al Sarraj has called on Libyan armies throughout the land to join the central state and combat Islamic State’s presence, according to Gulf News. ISIS entered Libya in 2011 after NATO-backed rebels ousted and murdered former leader Muammar Gaddafi. Libya’s economy has since collapsed as various factions compete for power.
Corporations are making less money than they used to, but America’s economic growth gained a bit of ground earlier in the year. Corporate profits fell 4.3% on a year-over-year basis in the first quarter, according to a new study by the Bureau of Economic Analysis (BEA). Meanwhile, taxes on corporate income rose by $4.4 billion, as a shift towards higher tax industries caused government inlays to improve.
The United Kingdom (UK) joins the United States in losing its AAA credit rating from S&P.
The credit agency announced its downgrade of the UK on Monday, shortly after Moody’s cut the outlook on Britain’s economy. “In our opinion, this outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the U.K.,” the ratings agency said in a press release.
Ghana was drowning in debt just a few years ago. It still struggles with significant levels of existing debt, but has finally started to turn the corner thanks to an International Monetary Fund (IMF) austerity program. Ghana entered into a three-year program under the guidance of the IMF aimed at getting its economy back under control, and has announced that, despite early success, it will not quit its current program.
South Korean officials contend that the Brexit vote will have a slight impact on the economy, according to The Hankyoreh. The government is also concerned about the U.S. Federal Reserve’s potential interest rate hike and troubles within the shipbuilding industry. The South Korean economy is also plagued by low exports, a weak job market/ and corruption.
