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Study Shows Global Trade Represents 1 out of 5 jobs in California

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Study Shows Global Trade Represents 1 out of 5 jobs in California

The Golden State makes news headlines once again boasting its impressive job market. The latest numbers from a study released by Business Roundtable and prepared by Trade Partnership Worldwide confirms a whopping 4,710,600 jobs are supported by global trade in California. The study gathered the most recent information available reflecting employment data from 2017.

“The CEO members of Business Roundtable, who lead companies with more than 15 million employees, strongly support congressional passage of USMCA implementing legislation this year. We stand united to preserve and modernize North American trade, which supports over 12 million jobs and a strong U.S. economy,” said Tom Linebarger, Chairman and CEO of Cummins Inc. and Chair of the Business Roundtable Trade & International Committee.

In addition to the massive employment numbers supported by global trade, California’s export market is also revealing impressive numbers. The same study also revealed goods and services exports made up 11.2 percent of the state’s overall GDP as it exported up to $59.5 billion in goods and services to Mexico and Canada in 2017.

The study in its entirety can be found here.

Brazil’s BRIC Cracks on Disappointing Growth Figures

Los Angeles, CA – There’s a serious fissure developing in the BRIC wall as the latest government figures show that Brazil has slipped into recession, with the Latin American giant’s gross domestic product (GDP) contracting for a second consecutive quarter.

According to the official government statistics bureau in Brasilia, the country’s GDP stands at about $567 billion, down 0.6 percent from the previous three months, while revised figures for the first quarter showed a drop of 0.2 percent.

The government had initially had reported first-quarter growth of 0.2 percent.

The country last experienced a recession in late 2008 and early 2 009, when a world economic crisis slashed demand for steel, minerals, farm goods and other key Brazilian exports.

The BRICS – Brazil, Russia, India, China and South Africa – together represent 18 percent of the world total, are all experiencing slowdowns in their once fast-paced rates of growth. Exacerbating the economic difficulties is Russia’s volatile activity in Ukraine, which has sparked a rash of sanctions on Moscow by the US and the European Union.

Last month, leaders of the five countries met in Brazil and decided to create their own development bank as a counterweight to what they perceive are “western-dominated financial organizations like the US-based World Bank and International Monetary Fund.

The new development bank will reportedly be based in Shanghai and is expected to be functional within two years. It will be capitalized at $50 billion, a figure that could grow to $100 billion to fund infrastructure projects. The fund would also have $100 billion at its disposal “to weather economic hard times.”

08/29/2014