China Tops Recovering Economy List (Reuters)
Chinese economic numbers continued to strengthen in November, according to results found in HSBC’s China manufacturing Purchasing Managers’ Survey (PMI). A PMI score of 50 or more indicates economic growth from the previous month, and China scored a 50.6 in November on the heels of October’s 50.2. European Union (EU) results are due later this week, but it appears the EU will post its worst quarter since 2009, while U.S. production also is expected to dip slightly. The biggest emerging markets, such as Brazil and India, are expected to continue sputtering.
Flipside of the Coin: U.S. Companies Replacing Chinese in Global 500 (Bloomberg)
More U.S. companies are replacing Chinese counterparts than ever before on the list of the world’s largest 500 businesses by market capitalization, according to results released in a Bloomberg study. Led by titans such as Apple (AAPL) and Exxon Mobil (XOM), 171 companies on the list now call America home and total some $10.6 trillion in worth (40.3% of total global market cap). That’s up from 159 businesses worth $8.24 trillion in 2009. China, led by PetroChina and Industrial & Commercial Bank of China now lays claim to 24 firms worth $1.74 trillion, down from 34 worth $2.19 trillion in 2009.
Not Just More Jobs — But Good Jobs, That Are Needed (Salon)
Even though the media keeps trumpeting lower and lower unemployment rates, those numbers don’t tell the real story. The U.S. Bureau of Labor Statistics (BLS) reports that during the next decade, approximately seven out of 10 areas for employment growth will be in low wage positions. The industries wherein these opportunities will exist include fast food companies (such as McDonald’s and Domino’s Pizza) and mega-retailers (such as Wal-Mart or Target). The result of this shift to low-paying jobs means that the country’s median wage will continue to drop, especially for the 80% of Americans who earn hourly wages. This factor alone could be enough to negate any sort of economic recovery.