U.S. Job Jeopardy, Women Set Back, Canada Rate Decision: Eco Day

(Bloomberg) -- Welcome to Wednesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• Millions more U.S. jobs are in jeopardy, Bloomberg Economics estimates
  • For working women, a decade of progress has evaporated overnight
  • Almost one-third of unemployment benefits estimated to be owed to the millions of Americans who lost their jobs as a result of the coronavirus slump haven’t been paid yet
  • African-Americans lag other groups by nearly every economic measure
• It’s rate decision day in Canada
  • It would be hard to imagine a worse economic backdrop for Tiff Macklem to begin his seven-year term as Bank of Canada governor
• As China awaits U.S. sanctions for cracking down on Hong Kong, recent murmurs in the agriculture markets have increased worries that a trade deal between the world’s two biggest economies could unravel
• The European Central Bank might have only one option to avoid market backlash in its decision tomorrow
• So far, Europe’s virus aid is keeping unemployment in check
  • Bloomberg Economics estimates that 10% the region’s labor supply could be unlocked as schools and nurseries reopen. Whether that translates into economic activity will depend on whether parents feel it’s safe to send their children back to school and if they have jobs to return to
• All eyes are on Boris Johnson to help stem a no-deal Brexit in talks with the European Union. The Bank of England warned banks to step up preparations for the worst
• Alternative gauges show that economic activity in China is back to about 80%-85% of pre-virus levels, according to Bloomberg Economics analysis

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