U.S. Economy: Potential Job Losses from China’s Devaluation

Friday, August 14, 2015
By Paul Martin

By Pam Martens and Russ Martens
Global Research
August 14, 2015

The Standard & Poor’s 500 stock index was down a meager -0.96 percent at the close yesterday on the news of China’s devaluation of its currency, the Yuan, but some noteworthy individual stocks took a more dramatic pounding. Apple lost 5.20 percent; Micron Technology was in the red by 4.99 percent; Yum! Brands closed down 4.87 percent while General Motors lost 3.48 percent. All of these companies rely on China as a major export market.

According to a March report from FactSet, “companies in the S&P 500 in aggregate generate about 10 percent of sales from the Asia Pacific region, most of which comes from China and Japan.” Some U.S. companies, however, derive a far greater percentage of their sales from China. According to Sue Chang, a MarketWatch reporter using data from FactSet, 52 percent of Yum! Brands sales come from China while 40 percent of Micron Technology’s are derived from China.

The Rest…HERE

Comments are closed.

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter