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Summer Jobs, Mortgage Delinquencies, Innovation Index: Eco Day

Summer Jobs, Mortgage Delinquencies, Innovation Index: Eco Day

Welcome to Monday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help get you through to the day:

  • The hunt for a job this summer has become even more difficult for the U.S. youth because of the coronavirus pandemic. The relaxation of business restrictions now under way in states across the country hasn’t come fast enough or reached deep enough to allow millions of teenagers and young adults, including college students, to find traditional summer work
  • U.S. home-mortgage delinquencies climbed in May to the highest level since November 2011 as the pandemic’s toll on personal finances deepened
    • The U.S. housing market, which seemed headed off a cliff in April, now looks like it’s returning to some semblance of normal. The quiet may not last long
  • Here’s a look at the Bloomberg 2020 U.S. State Innovation Index
  • The global economy’s fragile recovery is facing a fresh hurdle as a surge in coronavirus cases threatens to keep businesses closed and consumers on edge
  • Federal Reserve balance sheet could conceivably exceed $10 trillion by year end, former New York Fed President Bill Dudley writes in Bloomberg Opinion piece. The enormous figure deserves attention, but for now the risks seem manageable
  • Meanwhile, Bank of England Governor Andrew Bailey signaled a major shift in the central bank’s strategy for removing emergency stimulus. Writing in a Bloomberg op-ed on Monday, he stressed the need to reduce the institution’s balance sheet before hiking interest rates
  • The European Central Bank is rushing to defuse a German legal time bomb that threatens to break up cooperation over stimulus measures
  • Blowing up a building meant to symbolize friendship may have been North Korea’s forceful way of demanding help for an economy straining under international sanctions and borders shut by the coronavirus
  • Australia central bank chief Philip Lowe said the strength of the nation’s currency doesn’t pose a problem at this stage
  • Finally, here’s our preview of what to watch this week

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