Cameron and Conservative Party Reelected
May 08, 2015
The Senate Voted 98-1 On Thursday to Approve Legislation That Gives Congress The Right To Review The Nuclear Arms And Sanctions Relief Agreement With Iran; British Prime Minister And His Conservative Party Won Reelection; Soft Employment Growth; Exports in China Fell Unexpectedly.
- The Senate voted 98-1 on Thursday to approve legislation that gives Congress the right to review the nuclear arms and sanctions relief agreement with Iran in an effort to push the Obama administration to make stronger demands in its ongoing negotiations in Switzerland. The bill would prevent the President from waiving sanctions on Iran for 30 days while Congress reviews any final agreement to diminish Iran’s nuclear capabilities. [WSJ]
- Yesterday, British Prime Minister David Cameron and his Conservative Party won reelection to 10 Downing Street with the first outright majority parliament since 1992 by capturing 327 of 650 seats in the chamber, a gain of 23 from the 2010 election. The Scottish National Party gained 50 seats to become a major political force in the country following last year’s failed referendum for Scotland to become independent from the United Kingdom. The Labour Party, which controlled parliament from 1997 until 2010 under Prime Ministers Tony Blair and Gordon Brown, had its worst election result since 1987 by winning only 232 seats, a decrease of 26. [FT]
Economic Indicators & News
- Employment growth was soft in April, though consistent with market expectations, as 223,000 jobs were added to the economy last month with the unemployment rate dipping slightly from 5.5% to 5.4%.Sectors that led employment growth included professional and business services, health care, and construction, though the mining industry continued its trend of declines. Year-over-year, the unemployment rate has fallen 0.8% with 1.1 million new American jobs created. The labor force participation rate rose 0.1% to 62.8%, while hourly earnings increased 0.1%. [BLS]
- Exports in China unexpectedly fell in April by 6.4% due to weak global demand and a strong domestic currency, which has appreciated 13% against its world counterparts over the past year. Exports plummeted 15% in March for similar reasons. The Beijing government set an ambitious target of 6.0% growth for trade this year against actual growth of 3.4% last year. Imports dropped as well, slipping 16.2% from the year-ago period following a 12.7% decline in March, which pushed China’s trade surplus to $34.1 billion from $3.1 billion last month. [WSJ]