Positive jobs and unemployment numbers send US markets up, keep recession fears at bay. Washington and Beijing have reached consensus in principle in trade negotiations, China says.
Recession Stays Away: The US economy is cooling, but it is still resilient as the recently-released October jobs report shows. 128,000 jobs were added last month, according to Labour Department data. The number would have been higher were it not for the lengthy strike at General Motors, a car-making giant, which let go of almost 50,000 workers from employment rolls. Furthermore, revisions to the last jobs report added another 95,000 to that tally.
The unemployment rate ticked up to 3.6%, still near a half-century low. The positive numbers propelled stocks upwards, with the S&P reaching a record high. NYT
When a Tornado Meets a Volcano: The US and China are still at loggerheads over what a comprehensive trade deal should or would look like. But both sides have apparently reached a consensus “in principle” after a phone call between trade negotiators. Chinese Vice Premier Liu He had a phone call with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Friday. The Chinese Ministry of Commerce said the two sides conducted “serious and constructive” discussions on “core” trade points and talked about arrangements for the next round of talks.
The White House confirmed the phone call, saying the representatives “made progress in a variety of areas and are in the process of resolving outstanding issues. Discussions will continue at the deputy level.” CNBC
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