Trump first announced his intention to withdraw the United States from the pact in June 2017, arguing it would undermine the U.S. economy.

US formally exits Paris Agreement amid election uncertainty

The US economy grew by 33.1 per cent in the third-quarter of this year, indicating a revival of the economy from affects of the coronavirus pandemic.

President Donald Trump, who is seeking re-election for a second four-year term, has welcomed the latest GDP estimates released by the US Department of Commerce on Thursday.

Real Gross Domestic Product (GDP) increased at an annual rate of 33.1 per cent in the third quarter of 2020, according to the "advance" estimate released by the Bureau of Economic Analysis.

In the second quarter, real GDP decreased 31.4 per cent, an official release from the Department of Commerce read.

Soon after the report was made public, Trump tweeted: "GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!!"

"However, Sleepy Joe Biden and his proposed record setting tax increase, would kill it all. So glad this great GDP number came out before November 3rd," he said.

Democratic presidential nominee and former vice president Joe Biden said the report underlined three truths about the present economy.

"We are in a deep hole and President Trump's failure to act has meant that Q3 growth wasn't nearly enough to get us out; the recovery is slowing if not stalling; and the recovery that is happening is helping those at the top, but leaving tens of millions of working families and small businesses behind," he said.

"And with no plan to convene Congress to get a deal done to get economic relief to those who badly need it and his White House admitting they have given up on trying to get the virus under control, President Trump still has no plan to get our country through this crisis and move us forward," Biden said.

The Trump Campaign said the latest GDP report has proven the success of Trump's America-first policies.

"Joe Biden spent 47 years in Washington shipping factory jobs overseas and selling out to China. President Trump has defended American jobs and brought economic success back to our country," the campaign said.

"America's hardworking men and women form the backbone of this country and, with President Trump, they will always have an ally in the White House. The Trump Campaign's new advertisement "Backbone" highlights President Trump's economic record of promises made, promises kept and will air on network cable and local broadcast across the country," it said.

The Department of Commerce said the increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19.

"The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the third quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified," it said.

According to the Department of Commerce, the increase in real GDP reflected increases in personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed investment, and residential fixed investment that were partly offset by decreases in federal government spending (reflecting fewer fees paid to administer the paycheck protection programme loans) and state and local government spending.

Imports, which are a subtraction in the calculation of GDP, increased.

Senate Democratic Leader Chuck Schumer said that the GDP report provides some good news and some bad news.

"The good news is that the assistance provided in the CARES Act, secured by Senate Democrats, accounts for a large percentage of the GDP growth in the third quarter, helped stabilise our economy and has begun to propel our nation's recovery," he said.

The CARES Act provides fast and direct economic assistance for American workers and families, small businesses, and preserves jobs for American industries.

"The bad news is, President Trump and Senate Republicans have stymied what could have been a much more robust recovery by allowing much of the assistance in the CARES Act to expire and by refusing to provide additional support to millions of American families. Had Republicans joined us in supporting a second robust and bold relief package, the second half of 2020's recovery would be much stronger than it is anticipated to be," Schumer added.

"Everyday Americans are still hurting and even with third quarter GDP growth as reported today, we've lost USD 600 billion of economic output and our economy will still be down more than 3.5 per cent from where we were at the end of 2019," he said.&nbsp; 
&nbsp;

The US economy grew by 33.1 per cent in the third-quarter of this year, indicating a revival of the economy from affects of the coronavirus pandemic. President Donald Trump, who is seeking re-election for a second four-year term, has welcomed the latest GDP estimates released by the US Department of Commerce on Thursday.

The US economy grew by 33.1 per cent in the third-quarter of this year, indicating a revival of the economy from affects of the coronavirus pandemic. President Donald Trump, who is seeking re-election for a second four-year term, has welcomed the latest GDP estimates released by the US Department of Commerce on Thursday. Real Gross Domestic Product (GDP) increased at an annual rate of 33.1 per cent in the third quarter of 2020, according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4 per cent, an official release from the Department of Commerce read. Soon after the report was made public, Trump tweeted: "GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!!" "However, Sleepy Joe Biden and his proposed record setting tax increase, would kill it all. So glad this great GDP number came out before November 3rd," he said. Democratic presidential nominee and former vice president Joe Biden said the report underlined three truths about the present economy. "We are in a deep hole and President Trump's failure to act has meant that Q3 growth wasn't nearly enough to get us out; the recovery is slowing if not stalling; and the recovery that is happening is helping those at the top, but leaving tens of millions of working families and small businesses behind," he said. "And with no plan to convene Congress to get a deal done to get economic relief to those who badly need it and his White House admitting they have given up on trying to get the virus under control, President Trump still has no plan to get our country through this crisis and move us forward," Biden said. The Trump Campaign said the latest GDP report has proven the success of Trump's America-first policies. "Joe Biden spent 47 years in Washington shipping factory jobs overseas and selling out to China. President Trump has defended American jobs and brought economic success back to our country," the campaign said. "America's hardworking men and women form the backbone of this country and, with President Trump, they will always have an ally in the White House. The Trump Campaign's new advertisement "Backbone" highlights President Trump's economic record of promises made, promises kept and will air on network cable and local broadcast across the country," it said. The Department of Commerce said the increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19. "The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the third quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified," it said. According to the Department of Commerce, the increase in real GDP reflected increases in personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed investment, and residential fixed investment that were partly offset by decreases in federal government spending (reflecting fewer fees paid to administer the paycheck protection programme loans) and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. Senate Democratic Leader Chuck Schumer said that the GDP report provides some good news and some bad news. "The good news is that the assistance provided in the CARES Act, secured by Senate Democrats, accounts for a large percentage of the GDP growth in the third quarter, helped stabilise our economy and has begun to propel our nation's recovery," he said. The CARES Act provides fast and direct economic assistance for American workers and families, small businesses, and preserves jobs for American industries. "The bad news is, President Trump and Senate Republicans have stymied what could have been a much more robust recovery by allowing much of the assistance in the CARES Act to expire and by refusing to provide additional support to millions of American families. Had Republicans joined us in supporting a second robust and bold relief package, the second half of 2020's recovery would be much stronger than it is anticipated to be," Schumer added. "Everyday Americans are still hurting and even with third quarter GDP growth as reported today, we've lost USD 600 billion of economic output and our economy will still be down more than 3.5 per cent from where we were at the end of 2019," he said.

US GDP grows 33.1% in third quarter of 2020

US economy grew at a historic pace in the third quarter but the deep scars from the COVID-19 recession could take a year or more to heal.

World Business Watch: US economy rebounds at 33.1% in third quarter

There is some good news for President Donald Trump, something he is going to hit home upon. U.S. economy grew at a historic pace in the third quarter but the deep scars from the COVID-19 recession could take a year or more to heal.

US economy posts record growth in third-quarter at a historic pace

At a 2018 groundbreaking ceremony for a Foxconn plant in Wisconsin, President Donald Trump declared that the factory would be the “eighth wonder of the world” — a $10 billion hub that would hire 13,000 workers to make flat-screen televisions in America’s heartland.

This month, Wisconsin denied Foxconn tax subsidies for failing to make good on its investment plans. The company has hired less than a quarter of the 2,080 workers it was expected to employ last year and invested just $300 million, rather than the expected $3.3 billion, according to a report from Wisconsin’s Division of Executive Budget and Finance.

The Foxconn plant, the report said, appears to be primarily used for storage and is “off track to be considered a viable manufacturing facility.” Innovation centers that the Taiwanese company was supposed to open across the state sit empty.

Also read:&nbsp;<a href="http://13.235.153.162/world/judge-rejects-us-request-to-shield-trump-from-rape-accusers-defamation-lawsuit-338376" hreflang="en">Judge rejects US request to shield Trump from rape accuser's defamation lawsuit</a>

Foxconn’s failure to create the kind of factory powerhouse that Trump described demonstrates how the president’s promise of an American manufacturing renaissance has not always resulted in the pledged jobs or economic investment. Trump has threatened companies like General Motors, Harley-Davidson and Carrier with backbreaking taxes and boycotts if they moved manufacturing abroad, often cajoling job promises out of those firms. But in many cases, those pledges went unfulfilled once Trump’s attention shifted elsewhere and market realities could not be ignored.

At the first presidential debate in September, Trump claimed that he had brought back 700,000 factory jobs after the Obama administration neglected the sector. Jobs did increase during the first three years of his term, though not to the degree he suggested: Manufacturing employment rose by just under 500,000 jobs. Through August, employment in the sector had fallen by more than 200,000 from when Trump took office, as a wave of plant closures and the pandemic recession took a toll.

“The president likes to fly in and make a show of being involved and showing that he got something going,” said Matthew Jewell, a science and engineering professor at the University of Wisconsin-Eau Claire, who was hoping that his students might find jobs at one of Foxconn’s nearby innovation centers that sit vacant. “It was frustrating for us.”

Those unfulfilled promises may matter little to Trump’s supporters, who see the president’s corporate jawboning and manufacturing rhetoric as evidence that he is fighting hard for American workers. Most polls continue to show Trump having an edge over Joe Biden, the Democratic nominee, when it comes to managing the economy.

In some ways, Trump’s efforts to revitalize American manufacturing have been undercut by his own policies. His 2017 tax cuts jump-started investment and led many companies to promise new jobs. But his trade fights with China, Europe, Canada and Mexico proved a drag on the economy, as the United States imposed levies on its biggest trading partners, prompting retaliatory taxes on American goods. Trump’s tariffs on foreign steel and aluminum and $360 billion worth of Chinese goods have weighed particularly hard on the manufacturing sector, which fell into recession last year. The coronavirus pandemic has since upended the economy entirely, erasing the “blue-collar boom” that Trump administration officials had been promoting.

Last month, Trump invited Steve Burns, the chief executive of Lordstown Motors, to the White House to herald the company’s new electric pickup truck. The visit was intended to celebrate Trump’s role as a jobs savior. In 2019, he successfully compelled General Motors to sell a plant in Lordstown, Ohio, that it was planning to shutter to Lordstown Motors, an upstart car manufacturer. The plan was meant to avert about 1,600 layoffs.

The Ohio Tax Credit Authority said it was requiring GM to repay $28 million in tax credits and invest $12 million in the Mahoning Valley because of its decision to close the Lordstown assembly factory. It was awarded the tax credits in 2008 on the condition that it would employ 3,700 workers in the city for 20 years.

After the sale, some of the General Motors employees took jobs at other plants, but the Lordstown Motors factory currently employs only about 50 engineers. Burns has said that he plans to hire 600 more workers next year and then ramp up staffing significantly in 2022.

Sen. Sherrod Brown, D-Ohio, said the new company was a welcome development but criticized Trump for not doing more to protect workers at the original GM plant, which produced the Chevrolet Cruze. Many of that plant’s workers have been forced to commute to other states for new jobs, and it remains unclear what kind of wages will be offered at the GM factory once it gets up and running. He said Trump’s attention had already shifted, leaving workers to hope the jobs materialize.

“He comes in with his bluster and makes promises but then the workers have to fend for themselves,” Brown said in an interview.

Also read:&nbsp;<a href="http://13.235.153.162/world/how-trump-and-bolsonaro-broke-latin-americas-covid-19-defenses-338261" hreflang="en">How Trump and Bolsonaro broke Latin America’s COVID-19 defenses</a>

Trump’s powers of persuasion have at times had only a partial effect. In 2016, before he took office, Trump pressured United Technologies, the parent company of the heating and cooling giant Carrier, to keep an Indianapolis factory open and not move the jobs to Mexico. With a mix of threats and incentives, the company agreed to keep the plant open, saving more than 700 jobs. However, in 2017 and 2018 Carrier cut about 500 jobs from that factory, moving those roles to Mexico.

In other instances, companies have ignored Trump’s demands. The president lashed out at Harley-Davidson two years ago when it announced it would move some of its manufacturing overseas to avoid tariffs that Europe imposed on American products in retaliation for the president’s steel and aluminum tariffs. The president called for a boycott of the company, threatened it with new taxes and accused it of “surrender.” Struggling financially, the motorcycle company moved ahead with plans to build a plant in Thailand and close a factory in Kansas City, Missouri.

But by last year, Trump appeared to have let go of his grudge. After Harley-Davidson reported falling profits because of European tariffs, Trump said on Twitter: “So unfair to U.S. We will reciprocate.” No further action has been taken.

During the 2020 presidential race, Trump has looked past the unintended consequences of many of his economic policies, boasting instead that he created the strongest economy in history. In the president's campaign messaging, even some of his advertisements overlook the challenges that he has created for sectors he was trying to save, such as steel.

Trump imposed steep tariffs on global steel imports early on in his term, temporarily raising prices and helping American manufacturers. But as global demand for steel slowed as a result of rising prices, the industry was left with a hangover. A September ad, reported earlier by Vice News, showed an image of Trump wearing a hard hat during a 2018 visit to a U.S. Steel mill in Illinois. The same mill announced plans to furlough about 700 workers this year, and the Pittsburgh-based company said in May that it would reduce its workforce by 2,700 overall as losses mounted.

The president has had some success intervening to project jobs when the government is directly involved. In August, Trump fired board members of the Tennessee Valley Authority, a federally owned corporation that provides electricity across the Southeast, after it announced plans to outsource more than 100 technology jobs to contractors in other countries. The president assailed the authority’s chief executive for being overpaid and warned of more firings before the utility reversed course.

Peter Navarro, the director of the White House’s Office of Trade and Manufacturing Policy, argued that Trump’s threats of tariffs have succeeded in compelling companies to keep jobs in the United States. He also contended that Democratic policies of tightening regulation on the energy industry and potential cuts to spending on the military would hurt the workers these industries support.

“In a Biden world, these jobs will be gone,” Navarro said in an interview.

As for Foxconn, Navarro said that the company was helping the United States compete in a sector that had been dominated by China and dismissed the company’s failure to meet its 2019 investment targets, instead blaming the coronavirus for the delay. “The CCP Virus has slowed everything down,” he said, referring to the Chinese Communist Party.

Foxconn said last week that it remained committed to Wisconsin but did not offer details of how it would move forward.

&nbsp;

(END OPTIONAL TRIM.)

In an interview with a Milwaukee television station last week, Trump insisted that — if he is reelected — Foxconn would fulfill its promises to the state.

“They will do what I tell them to do,” Trump said. “They will do what’s supposed to be done.”

At a 2018 groundbreaking ceremony for a Foxconn plant in Wisconsin, President Donald Trump declared that the factory would be the “eighth wonder of the world” — a $10 billion hub that would hire 13,000 workers to make flat-screen televisions in America’s heartland.

At a 2018 groundbreaking ceremony for a Foxconn plant in Wisconsin, President Donald Trump declared that the factory would be the “eighth wonder of the world” — a $10 billion hub that would hire 13,000 workers to make flat-screen televisions in America’s heartland. This month, Wisconsin denied Foxconn tax subsidies for failing to make good on its investment plans. The company has hired less than a quarter of the 2,080 workers it was expected to employ last year and invested just $300 million, rather than the expected $3.3 billion, according to a report from Wisconsin’s Division of Executive Budget and Finance. The Foxconn plant, the report said, appears to be primarily used for storage and is “off track to be considered a viable manufacturing facility.” Innovation centers that the Taiwanese company was supposed to open across the state sit empty. Also read: Judge rejects US request to shield Trump from rape accuser's defamation lawsuit Foxconn’s failure to create the kind of factory powerhouse that Trump described demonstrates how the president’s promise of an American manufacturing renaissance has not always resulted in the pledged jobs or economic investment. Trump has threatened companies like General Motors, Harley-Davidson and Carrier with backbreaking taxes and boycotts if they moved manufacturing abroad, often cajoling job promises out of those firms. But in many cases, those pledges went unfulfilled once Trump’s attention shifted elsewhere and market realities could not be ignored. At the first presidential debate in September, Trump claimed that he had brought back 700,000 factory jobs after the Obama administration neglected the sector. Jobs did increase during the first three years of his term, though not to the degree he suggested: Manufacturing employment rose by just under 500,000 jobs. Through August, employment in the sector had fallen by more than 200,000 from when Trump took office, as a wave of plant closures and the pandemic recession took a toll. “The president likes to fly in and make a show of being involved and showing that he got something going,” said Matthew Jewell, a science and engineering professor at the University of Wisconsin-Eau Claire, who was hoping that his students might find jobs at one of Foxconn’s nearby innovation centers that sit vacant. “It was frustrating for us.” Those unfulfilled promises may matter little to Trump’s supporters, who see the president’s corporate jawboning and manufacturing rhetoric as evidence that he is fighting hard for American workers. Most polls continue to show Trump having an edge over Joe Biden, the Democratic nominee, when it comes to managing the economy. In some ways, Trump’s efforts to revitalize American manufacturing have been undercut by his own policies. His 2017 tax cuts jump-started investment and led many companies to promise new jobs. But his trade fights with China, Europe, Canada and Mexico proved a drag on the economy, as the United States imposed levies on its biggest trading partners, prompting retaliatory taxes on American goods. Trump’s tariffs on foreign steel and aluminum and $360 billion worth of Chinese goods have weighed particularly hard on the manufacturing sector, which fell into recession last year. The coronavirus pandemic has since upended the economy entirely, erasing the “blue-collar boom” that Trump administration officials had been promoting. Last month, Trump invited Steve Burns, the chief executive of Lordstown Motors, to the White House to herald the company’s new electric pickup truck. The visit was intended to celebrate Trump’s role as a jobs savior. In 2019, he successfully compelled General Motors to sell a plant in Lordstown, Ohio, that it was planning to shutter to Lordstown Motors, an upstart car manufacturer. The plan was meant to avert about 1,600 layoffs. The Ohio Tax Credit Authority said it was requiring GM to repay $28 million in tax credits and invest $12 million in the Mahoning Valley because of its decision to close the Lordstown assembly factory. It was awarded the tax credits in 2008 on the condition that it would employ 3,700 workers in the city for 20 years. After the sale, some of the General Motors employees took jobs at other plants, but the Lordstown Motors factory currently employs only about 50 engineers. Burns has said that he plans to hire 600 more workers next year and then ramp up staffing significantly in 2022. Sen. Sherrod Brown, D-Ohio, said the new company was a welcome development but criticized Trump for not doing more to protect workers at the original GM plant, which produced the Chevrolet Cruze. Many of that plant’s workers have been forced to commute to other states for new jobs, and it remains unclear what kind of wages will be offered at the GM factory once it gets up and running. He said Trump’s attention had already shifted, leaving workers to hope the jobs materialize. “He comes in with his bluster and makes promises but then the workers have to fend for themselves,” Brown said in an interview. Also read: How Trump and Bolsonaro broke Latin America’s COVID-19 defenses Trump’s powers of persuasion have at times had only a partial effect. In 2016, before he took office, Trump pressured United Technologies, the parent company of the heating and cooling giant Carrier, to keep an Indianapolis factory open and not move the jobs to Mexico. With a mix of threats and incentives, the company agreed to keep the plant open, saving more than 700 jobs. However, in 2017 and 2018 Carrier cut about 500 jobs from that factory, moving those roles to Mexico. In other instances, companies have ignored Trump’s demands. The president lashed out at Harley-Davidson two years ago when it announced it would move some of its manufacturing overseas to avoid tariffs that Europe imposed on American products in retaliation for the president’s steel and aluminum tariffs. The president called for a boycott of the company, threatened it with new taxes and accused it of “surrender.” Struggling financially, the motorcycle company moved ahead with plans to build a plant in Thailand and close a factory in Kansas City, Missouri. But by last year, Trump appeared to have let go of his grudge. After Harley-Davidson reported falling profits because of European tariffs, Trump said on Twitter: “So unfair to U.S. We will reciprocate.” No further action has been taken. During the 2020 presidential race, Trump has looked past the unintended consequences of many of his economic policies, boasting instead that he created the strongest economy in history. In the president's campaign messaging, even some of his advertisements overlook the challenges that he has created for sectors he was trying to save, such as steel. Trump imposed steep tariffs on global steel imports early on in his term, temporarily raising prices and helping American manufacturers. But as global demand for steel slowed as a result of rising prices, the industry was left with a hangover. A September ad, reported earlier by Vice News, showed an image of Trump wearing a hard hat during a 2018 visit to a U.S. Steel mill in Illinois. The same mill announced plans to furlough about 700 workers this year, and the Pittsburgh-based company said in May that it would reduce its workforce by 2,700 overall as losses mounted. The president has had some success intervening to project jobs when the government is directly involved. In August, Trump fired board members of the Tennessee Valley Authority, a federally owned corporation that provides electricity across the Southeast, after it announced plans to outsource more than 100 technology jobs to contractors in other countries. The president assailed the authority’s chief executive for being overpaid and warned of more firings before the utility reversed course. Peter Navarro, the director of the White House’s Office of Trade and Manufacturing Policy, argued that Trump’s threats of tariffs have succeeded in compelling companies to keep jobs in the United States. He also contended that Democratic policies of tightening regulation on the energy industry and potential cuts to spending on the military would hurt the workers these industries support. “In a Biden world, these jobs will be gone,” Navarro said in an interview. As for Foxconn, Navarro said that the company was helping the United States compete in a sector that had been dominated by China and dismissed the company’s failure to meet its 2019 investment targets, instead blaming the coronavirus for the delay. “The CCP Virus has slowed everything down,” he said, referring to the Chinese Communist Party. Foxconn said last week that it remained committed to Wisconsin but did not offer details of how it would move forward. (END OPTIONAL TRIM.) In an interview with a Milwaukee television station last week, Trump insisted that — if he is reelected — Foxconn would fulfill its promises to the state. “They will do what I tell them to do,” Trump said. “They will do what’s supposed to be done.”

Trump’s manufacturing promises disappoint as economy sours

Even the most bullish policymakers and forecasters had penciled in more government aid to keep households and businesses hit by the coronavirus pandemic afloat through the end of the year. That money would bolster retail spending, rent payments and mortgages and whittle away at the 11 million lost jobs that have not yet been recouped. Watch report.

Failed US stimulus talks threaten recovery

Millions of Americans are facing risk of being evicted from their homes because of on going economic crisis. Several workers in the country are losing their jobs or are being forced to take pay cuts due to COVID-19. Watch the report

Millions of Americans at risk of being evicted from their homes & jobs

The Federal funds rate remained unchanged at zero to a quarter percentage point, and will stay there until America's labor market has recovered

Fed vows to keep interest rates near zero

The economic impact of the coronavirus pandemic continues to linger across New York City. Watch report.

US Coronavirus Pandemic: Economic impact of COVID-19 in New York City

Democratic presidential nominee Joe Biden is set to assail the incumbent US president's, Donald Trump, stewardship of the coronavirus-ravaged economy on Friday as both campaigns kick into high gear with less than two months to go to the November 3 US election.

The US Labour Department is also slated to release its monthly jobs report, a key indicator of economic health that will provide some insight into the state of the country’s recovery from the downturn sparked by COVID-19.

Trump has seized upon the monthly reports as evidence that the recovery has been a dramatic one. But last month’s report showed some slowdown in employment growth, as the United States added 1.8 million jobs in July after a record-smashing June when the nation posted 4.8 million. The unemployment rate fell to 10.2 per cent.

Economists have said the August report likely will show the labour market faltering further.

Biden will deliver remarks from his home base of Wilmington, Delaware, after his busiest campaign week in months. Trump has no public events planned.

While the Labor Day holiday typically marks the beginning of a more intense phase of the White House race, both Biden and Trump got a head start in the past week with a flurry of activity following their back-to-back party conventions.

Biden traveled to Pittsburgh and Kenosha, Wisconsin, both in battleground states that help decide the election, to address the ongoing and sometimes violent protests over racial injustice and police brutality.

Trump also visited Kenosha -- a flashpoint city where anti-racist demonstrators have clashed with Trump supporters after the police shooting of a Black man -- and made stops in Pennsylvania and North Carolina, another key state.

Both campaigns have launched new ad blitzes in those swing states, with Biden hammering Trump`s handling of the pandemic and Trump hewing to his “law and order” theme criticizing rioters and protesters.

The most recent Reuters/Ipsos poll showed that the race has remained relatively stable over the last several weeks, with Biden holding a seven percentage point over Trump nationally.

Democratic presidential nominee Joe Biden is set to assail the incumbent US president's, Donald Trump, stewardship of the coronavirus-ravaged economy on Friday as both campaigns kick into high gear with less than two months to go to the November 3 US election.

Democratic presidential nominee Joe Biden is set to assail the incumbent US president's, Donald Trump, stewardship of the coronavirus-ravaged economy on Friday as both campaigns kick into high gear with less than two months to go to the November 3 US election. The US Labour Department is also slated to release its monthly jobs report, a key indicator of economic health that will provide some insight into the state of the country’s recovery from the downturn sparked by COVID-19. Trump has seized upon the monthly reports as evidence that the recovery has been a dramatic one. But last month’s report showed some slowdown in employment growth, as the United States added 1.8 million jobs in July after a record-smashing June when the nation posted 4.8 million. The unemployment rate fell to 10.2 per cent. Economists have said the August report likely will show the labour market faltering further. Biden will deliver remarks from his home base of Wilmington, Delaware, after his busiest campaign week in months. Trump has no public events planned. While the Labor Day holiday typically marks the beginning of a more intense phase of the White House race, both Biden and Trump got a head start in the past week with a flurry of activity following their back-to-back party conventions. Biden traveled to Pittsburgh and Kenosha, Wisconsin, both in battleground states that help decide the election, to address the ongoing and sometimes violent protests over racial injustice and police brutality. Trump also visited Kenosha -- a flashpoint city where anti-racist demonstrators have clashed with Trump supporters after the police shooting of a Black man -- and made stops in Pennsylvania and North Carolina, another key state. Both campaigns have launched new ad blitzes in those swing states, with Biden hammering Trump`s handling of the pandemic and Trump hewing to his “law and order” theme criticizing rioters and protesters. The most recent Reuters/Ipsos poll showed that the race has remained relatively stable over the last several weeks, with Biden holding a seven percentage point over Trump nationally.

Joe Biden set to criticise Trump on US economy as campaign intensifies

The economy has shrunk at its fastest rate on record as it battles the coronavirus pandemic.

World Economy nosedives in second quarter | Economic cost of Coronavirus pandemic

The drop in gross domestic product was the fastest the quarterly rate has fallen in modern record-keeping

U.S trade war with China impacts demand | US Economy | US Manufacturing activity

The US economy collapsed in the midst of the coronavirus pandemic, suffering its worst drop on record while hopes for a recovery took another hit as job losses increased, according to government data released on Thursday.

The 32.9 per cent GDP&nbsp;contraction, though slightly better than expected, was the worst experienced by the world's largest economy since at least 1947 and underscored the severity of the rapidly unfolding crisis, which has already destroyed tens of millions of jobs.&nbsp;

COVID-19 cases have resurged in recent weeks, eroding early progress towards a rebound and forcing authorities in several states to reimpose restrictions that sent workers back home.

The latest Labour Department data showed a second straight weekly increase in initial claims for jobless benefits following several weeks of declines, prompting renewed calls for Congress to quickly approve a new round of emergency spending to support the economy.

The separate growth figures from the Commerce Department are given at an annual rate -- a measure of the full-year result if the damage was translated over 12 months. Compared to the same quarter of 2019, economic activity fell 9.5 percent, still the worst figure since 1948.

US media reported the White House is pushing for a stop-gap measure that would extend the extra unemployment payments by one week as well as the moratorium on evictions for renters while negotiations continue.

After surging in March amid the massive job losses at the start of the pandemic, first time claims for jobless benefits have been falling for weeks, but they rose again to&nbsp;1.43 million&nbsp;in the week ended July 25, the Labor Department said on Thursday.

That figure does not include the 829,697 new claims by people who filed under a special program for those who would not normally be eligible for aid.

The data show "the resurgence in COVID-19 cases is taking a toll on the recovery in the labor market," Oxford Economics lead US economist Nancy Vanden Houten said in an analysis.

Continuing claims, which is the number of people receiving benefits for more than a week, jumped to over 17 million while the insured unemployment rate rose to 11.6 percent in the week ended July 18.

Following a reduction of 5.0 per cent in the first three months of the year, the GDP plunge was driven largely by the drop in its largest component, consumer spending, which fell 34.6 percent annualized, according to the report, which was the first estimate for the second quarter.

Trade also took a huge hit in the latest quarter, with exports falling just over 64 per cent, and imports down 53.4 per cent.

The US economy collapsed in the midst of the coronavirus pandemic, suffering its worst drop on record while hopes for a recovery took another hit as job losses increased, according to government data released on Thursday.

The US economy collapsed in the midst of the coronavirus pandemic, suffering its worst drop on record while hopes for a recovery took another hit as job losses increased, according to government data released on Thursday. The 32.9 per cent GDP contraction, though slightly better than expected, was the worst experienced by the world's largest economy since at least 1947 and underscored the severity of the rapidly unfolding crisis, which has already destroyed tens of millions of jobs. COVID-19 cases have resurged in recent weeks, eroding early progress towards a rebound and forcing authorities in several states to reimpose restrictions that sent workers back home. The latest Labour Department data showed a second straight weekly increase in initial claims for jobless benefits following several weeks of declines, prompting renewed calls for Congress to quickly approve a new round of emergency spending to support the economy. The separate growth figures from the Commerce Department are given at an annual rate -- a measure of the full-year result if the damage was translated over 12 months. Compared to the same quarter of 2019, economic activity fell 9.5 percent, still the worst figure since 1948. US media reported the White House is pushing for a stop-gap measure that would extend the extra unemployment payments by one week as well as the moratorium on evictions for renters while negotiations continue. After surging in March amid the massive job losses at the start of the pandemic, first time claims for jobless benefits have been falling for weeks, but they rose again to 1.43 million in the week ended July 25, the Labor Department said on Thursday. That figure does not include the 829,697 new claims by people who filed under a special program for those who would not normally be eligible for aid. The data show "the resurgence in COVID-19 cases is taking a toll on the recovery in the labor market," Oxford Economics lead US economist Nancy Vanden Houten said in an analysis. Continuing claims, which is the number of people receiving benefits for more than a week, jumped to over 17 million while the insured unemployment rate rose to 11.6 percent in the week ended July 18. Following a reduction of 5.0 per cent in the first three months of the year, the GDP plunge was driven largely by the drop in its largest component, consumer spending, which fell 34.6 percent annualized, according to the report, which was the first estimate for the second quarter. Trade also took a huge hit in the latest quarter, with exports falling just over 64 per cent, and imports down 53.4 per cent.

US economy posts its worst drop on record, jobless claims rise

The U.S. economy gained a whopping 4.8 million jobs in the month of June, bringing the unemployment rate to 11.1 percent

U.S economy gains 4.8 million jobs in June

A record 6.5 million people either found jobs or were rehired in May, a government report show

U.S hiring jumps to a record high; New jobs in accommodation, food services

US President Donald Trump at a press briefing celebrated a government report showing the country gained 4.8 million jobs and the unemployment rate dropped to 11.1% last month, when states began allowing businesses to reopen from strict shutdowns aimed at containing the coronavirus pandemic.

Trump: Jobs report proves US economy 'roaring back'

US President Donald Trump held a press conference on July 2 and said that the American economy is doing very well. Watch report.

Fineprint: US economy is doing amazingly well | Donald Trump

US President Donald Trump at a press briefing on Thursday celebrated a government report showing the country gained 4.8 million jobs and the unemployment rate dropped to 11.1% last month, when states began allowing businesses to reopen from strict shutdowns aimed at containing the coronavirus pandemic.

"Today's announcement proves that our economy is roaring back," Trump said, rattling off different sectors that saw job gains according to the monthly report. "These are historic numbers."

Trump took the victory lap as the coronavirus resurges in states with large economies such as California, Texas and Florida, prompting local governments to once again shutter bars and other businesses where the deadly respiratory disease is thought to spread easily. A separate report on Thursday said that 1.43 million Americans filed for unemployment benefits during the final week of June.

Despite the swelling loads of new cases, Trump said he expected to see good employment numbers in the coming months and that the third quarter gross domestic product report, due days before the November presidential election, would also be strong.

Thursday's report, Trump said, "suggests that workers are confident about finding a new job." He added, though, that the White House and Congress continue to negotiate on another round of stimulus, frequently called "Phase 4," to help the economy withstand a pandemic now in its fourth month.

US President Donald Trump at a press briefing on Thursday celebrated a government report showing the country gained 4.8 million jobs and the unemployment rate dropped to 11.

US President Donald Trump at a press briefing on Thursday celebrated a government report showing the country gained 4.8 million jobs and the unemployment rate dropped to 11.1% last month, when states began allowing businesses to reopen from strict shutdowns aimed at containing the coronavirus pandemic. "Today's announcement proves that our economy is roaring back," Trump said, rattling off different sectors that saw job gains according to the monthly report. "These are historic numbers." Trump took the victory lap as the coronavirus resurges in states with large economies such as California, Texas and Florida, prompting local governments to once again shutter bars and other businesses where the deadly respiratory disease is thought to spread easily. A separate report on Thursday said that 1.43 million Americans filed for unemployment benefits during the final week of June. Despite the swelling loads of new cases, Trump said he expected to see good employment numbers in the coming months and that the third quarter gross domestic product report, due days before the November presidential election, would also be strong. Thursday's report, Trump said, "suggests that workers are confident about finding a new job." He added, though, that the White House and Congress continue to negotiate on another round of stimulus, frequently called "Phase 4," to help the economy withstand a pandemic now in its fourth month.

Trump says jobs report proves US economy 'roaring back'

Indicating that the US labour market could take years to recover from the COVID-19 crisis. Fresh hiring in the world's largest economy has hit an all-time low. Watch report.

Coronavirus pandemic: 77 MN US workers lost jobs in April

US Treasury Secretary Steven Mnuchin said on Wednesday that the US economy has already begun to rebound from the coronavirus pandemic and would "improve dramatically" in the third and fourth quarters.

US Treasury Secretary Steven Mnuchin said on Wednesday that the US economy has already begun to rebound from the coronavirus pandemic and would "improve dramatically" in the third and fourth quarters. Mnuchin, who appears before the US Senate Small Business Committee to review the progress of federal coronavirus rescue loan programs, said in written testimony that incoming jobs and other economic data "show that we are well-positioned for a strong, phased reopening of our country.'' Mnuchin and Jovita Carranza, Administrator of the Small Business Administration, are expected to face tough questions over initial glitches in launching the $660 billion Paycheck Protection Program to provide forgivable loans aimed at keeping employees of small businesses on payroll for eight weeks during the lockdown. Many small businesses had difficulties getting loans due to technical glitches, while some well-financed publicly traded companies accessed multi-million dollar loans, prompting Mnuchin to issue new guidance requiring the companies to return the funds. "As you might expect with a program of this magnitude executed on a national scale in record time, we initially experienced some complications. We resolved them quickly," Mnuchin said in his testimony. He said that the program was supporting employment of about 50 million workers and more than 75 percent of the small business payroll in all 50 states. Despite the Treasury chief's optimism over the economy, it has a long road back. While May jobs data unexpectedly improved, unemployment remains at 13.3%, a post-World War Two high, with the jobless rate still rising for blacks and Asians and recovery to prior levels expected to take years. The World Bank said on Monday that the U.S. economy will still shrink by 6.1% this year, with further downward revisions likely for its global forecast of a 5.2% contraction.

Mnuchin says US recovery has begun, will gain strength in third and fourth quarters

US President Donald Trump held a press conference to discuss job numbers and lauded the US economy. Watch the video to know more.

WION Fineprint: US President Donald Trump lauds US Economy, Donald Trump press conference

A survey has claimed that jobless claims in United States are below 2 Million now, last week these claims were 2.12 Million. Watch this video to get complete details.

A survey claim US jobless claims are below 2 Mn now, last week these claims were 2.12 Mn

America is dealing with immense pressure due to the COVID-19 Pandemic and the number of cases continues to spread across the country. The death toll in the US has crossed 100,000 mark. Watch report.

US COVID-19 death toll crosses 100,000 mark: Trump urges to reopen economy

US President Donald Trump is desperately pushing the narrative that America is now open for business. Now he is planning to go ahead with an impersonal meeting of the G7 leaders next week. Watch report.

Trump looks to leverage G7 for US reopening | COVID-19 Pandemic

The chairman of the US Federal Reserve has warned that the American economy may not recover from the impact of coronavirus pandemic until late next year. Watch report.

US Federal Reserve: Vaccine important for any recovery

The Treasury Department said the budget deficit last month was the first to reflect the enormity of government spending that has been authorized to try to mitigate the economic impact of the crisis.

US reports a record $738 billion budget deficit in April

The biggest job loss&nbsp;America history has revealed a deep gender bias, according a recent jobs report.

In the United States,&nbsp;20.5 million jobs&nbsp;were wiped out in April with unemployment rising to 14.7 per cent, the highest since the Great Depression.

As per the report, it appears that&nbsp;women, especially single moms have been hit harder by the economic downturn.

Also read:&nbsp;<a href="https://www.wionews.com/world/coronavirus-fuels-historic-us-job-losses-eu-wants-borders-kept-shut-297548">Coronavirus fuels historic US job losses, EU wants borders kept shut</a>

In the month of March, 60 per cent of the total job loss was among women. In April this figure increased to 55 per cent.

The unemployment rate among women is currently&nbsp;a staggering 15.5 percent in comparison to 13 percent among men.

Among primary earners, the unemployment rate was even higher at 15.9 per cent.

This disproportionate impact has been attributed to the nature of job loss in the US.

Out of the 20 million jobs lost in April,&nbsp;7.7 million were from the hospitality sector and 2.5 million from education and healthcare. Both these industries are heavily dominated by women.

The development also threatens to reverse hard-earned gains made by women in workforce participation.

In January earlier this year, women accounted for more than 50 percent of the US&nbsp;workforce, an achievement that took 10 years,&nbsp;starting from 2010.

But these latest figures indicate that this may no longer be the case.

Experts also believe that unemployment among women of colour could be much higher than 15.5 percent.

The biggest job loss America history has revealed a deep gender bias, according a recent jobs report. In the United States, 20.5 million jobs were wiped out in April with unemployment rising to 14.

The biggest job loss America history has revealed a deep gender bias, according a recent jobs report. In the United States, 20.5 million jobs were wiped out in April with unemployment rising to 14.7 per cent, the highest since the Great Depression. As per the report, it appears that women, especially single moms have been hit harder by the economic downturn. Also read: Coronavirus fuels historic US job losses, EU wants borders kept shut In the month of March, 60 per cent of the total job loss was among women. In April this figure increased to 55 per cent. The unemployment rate among women is currently a staggering 15.5 percent in comparison to 13 percent among men. Among primary earners, the unemployment rate was even higher at 15.9 per cent. This disproportionate impact has been attributed to the nature of job loss in the US. Out of the 20 million jobs lost in April, 7.7 million were from the hospitality sector and 2.5 million from education and healthcare. Both these industries are heavily dominated by women. The development also threatens to reverse hard-earned gains made by women in workforce participation. In January earlier this year, women accounted for more than 50 percent of the US workforce, an achievement that took 10 years, starting from 2010. But these latest figures indicate that this may no longer be the case. Experts also believe that unemployment among women of colour could be much higher than 15.5 percent.

Gender bias revealed in worst US economic downturn since Great Depression

In United States of America, workers protest against the reopening of pork plants. President Trump orders to keep meat shops open.

US: Workers protest reopening of pork plant, Trump's executive order to keep meat shops open

US President Donald Trump has now targetted to reopen US economy as soon as possible even as the coronavirus death toll in the country is rising. Watch report.

Trump plans to reopen the economy ASAP: Coronavirus death toll nears 62,000

What Americans say about Trump's response to pandemic COVID-19? Know in this video...

Fineprint: What Americans say about Trump's response to pandemic COVID-19?

US President Donald Trump said that China wants him to loose 2020 polls because of the trade war. He said that China want Joe Biden to win as it believes that Biden will loose trade war restrictions.

US President Trump: China wants me to loose 2020 polls because of the trade war

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