Current Affairs Global - 10 January 2014

1. The US unemployment rate dropped to a five year low of 6.7% in December compared to unemployment rate of 7% in November as firms created 74,000 new jobs. The number of jobs created was the lowest for three years and was well under half the number expected by analysts mainly because of the bad weather faced by the USA in December. This data confirms strong recovery in the USA job market.

2. China-s annual trade surplus jumped by nearly 13% in 2013 compared to previous year to USD 260 billion as export growth continued to outpace import growth. Exports were increased by 7.9% to USD 2.21 trillion and imports jumped by 7.3% to USD 1.95 trillion in 2013. With this, total trade value of USD 4.16 trillion overtook total trade volume of USA for the first time.

3. The European Central Bank (ECB) has kept its benchmark interest rate at a record low of 0.25% as it wants to keep interest rate at record low for an extended period of time to boost economic and industrial growth. Also euro zone inflation dropped to lower than 1% level which gave more room to ECB to continue with record low interest rate.