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    Daily Digest 10/15 – Unemployment rate hits highest level in three years, Global methane hot spots has soared

    by Daily Digest

    Thursday, October 15, 2020, 6:51 AM

Economy

Top World Bank Economist Says Financial Crisis Could Emerge From Pandemic (JW)

World Bank Chief Economist Carmen Reinhart said the coronavirus pandemic is turning into a major economic crisis and warned of the possibility of a financial crisis emerging.

Unemployment rate hits highest level in three years

The UK unemployment rate has surged to its highest level in over three years as the pandemic continues to hit jobs. The unemployment rate grew to 4.5% in the three months to August, compared with 4.1% in the previous quarter.

Fed Official Wonders Whether Treasury Market Can Handle Massive Issuance Alone

The Federal Reserve’s point man on financial regulation said the Treasury market has grown so large that some level of central bank involvement may need to continue to ensure orderly trading conditions.

‘The 25-cent solution’ would have prevented the COVID recession, says the most accurate forecaster

The U.S. economy never would have entered a recession at all this year if we’d only adopted what he calls the “25-cent solution,” says Brian Bethune, a teacher of economics at Tufts University and Boston College who won the Forecaster of the Month contest for September.

Top World Bank economist says coronavirus pandemic morphing into ‘major economic crisis’

She said the “longer the uncertainty, the longer the pandemic works its way through the global economy, the bigger the balance sheet damage.”

Energy

OPEC Chief Assures Markets That Oil Prices Won’t Crash Again

“I want to assure you that the OPEC, non-OPEC partnership will continue to do what it knows best, by ensuring that we don’t relapse into this almost historic plunge that we saw,” Barkindo said, replying to a question whether the market could handle another 2 million barrels per day (bpd) if OPEC+ further relaxes the current cuts in January as planned.

Environment

The number of global methane hot spots has soared this year despite the economic slowdown

The worldwide number of methane hot spots has soared 32 percent so far this year despite the economic slowdown, according to satellite imagery analyzed by a private data firm. Comparing the first eight months of 2019 to the same period in 2020, the Paris-based firm Kayrros said methane leaks from oil and gas industry hot spots climbed even higher in Algeria, Russia and Turkmenistan, growing by more than 40 percent.

Gold & Silver

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