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Serie A Faces Financial Reckoning As Coronavirus Pushes Transfer Market Spending Back To 2016 Level

Serie A Faces Financial Reckoning As Coronavirus Pushes Transfer Market Spending Back To 2016 Level

The transfer market summer window that closed on October 5 will be a remarkable one for Serie A – Italy’s top-flight soccer league.

For the first time since the SARS-COV-2 outbreak that paralyzed European soccer for over three months, Italy’s most beloved sport was finally able to assess the financial damage brought by the Coronavirus pandemic.

And despite Serie A welcomed stars of the like of former Barcelona midfielder Arthur Melo, SSC Napoli striker Victor Osimhen and former Manchester United Chris Smalling – the financial reality beneath the surface is quite scary.

And unfortunately, Italian soccer is not alone in this crisis.

The general spending on transfer fees in European soccer decreased significantly for the first time in three years, falling back to the 2016 level, a study released by FIFA has found.

The Transfer Market Snapshot June-October 2020 analyzed the latest player transfer market activity, giving an overview of the impact of the COVID-19 pandemic on soccer finance.

The study shows that in 2020, soccer clubs accounted for a total of $3,92 billion in outgoing transfer fees, representing a steep drop of more than 30% in comparison to 2019, when clubs spent a total of $5,8 billion.

To find a similar figure we need to look back to 2016 when the money spent on international summer transfers reached $3,7 billion, while for the same period in 2017, 2018 and 2019 clubs invested over $5 billion each year.

The latest transfer window saw a total of $543,9 million squandered by

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Maddow Blog | GOP pushes Trump on economic aid amid high unemployment filings

Maddow Blog | GOP pushes Trump on economic aid amid high unemployment filings

When it comes to weekly unemployment filings, our whole understanding of “normal” flew out the window six months ago. For example, as regular readers know, it was considered a catastrophe during the Great Recession when jobless claims topped 600,000.

But in 2020, as the coronavirus pandemic started taking a brutal toll on the U.S. economy, Americans confronted an entirely new set of standards — to the point that it seemed like relatively good news last month when initial jobless claims fell below 1 million for the first time since March.

Progress has nevertheless been hit or miss. The new report from the Labor Department this morning was a bit more upbeat than the data from two weeks ago.

In the week ending October 3, the advance figure for seasonally adjusted initial claims was 840,000, a decrease of 9,000 from the previous week’s revised level. The previous week’s level was revised up by 12,000 from 837,000 to 849,000. The 4-week moving average was 857,000, a decrease of 13,250 from the previous week’s revised average.

The modest improvement is welcome, though it comes alongside a disheartening observation: we’ve now had 29 consecutive weeks in which the number of Americans filing for unemployment benefits was worse than at any time during the Great Recession.

All of which leads to a painfully obvious truth: the country still needs economic relief as the coronavirus pandemic continues to take a brutal toll.

For reasons that don’t appear to make any sense, Donald Trump disagrees, announcing this week that he’s scrapping negotiations for a “Phase IV” economic aid package and telling voters to simply be satisfied with the status quo until after the election. As voters cast their ballots, the president personally accepted responsibility for ending talks to provide Americans with an economic lifeline.

Politico reported yesterday

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GOP pushes Trump on economic aid amid high unemployment filings

GOP pushes Trump on economic aid amid high unemployment filings

When it comes to weekly unemployment filings, our whole understanding of “normal” flew out the window six months ago. For example, as regular readers know, it was considered a catastrophe during the Great Recession when jobless claims topped 600,000.

But in 2020, as the coronavirus pandemic started taking a brutal toll on the U.S. economy, Americans confronted an entirely new set of standards — to the point that it seemed like relatively good news last month when initial jobless claims fell below 1 million for the first time since March.

Progress has nevertheless been hit or miss. The new report from the Labor Department this morning was a bit more upbeat than the data from two weeks ago.

In the week ending October 3, the advance figure for seasonally adjusted initial claims was 840,000, a decrease of 9,000 from the previous week’s revised level. The previous week’s level was revised up by 12,000 from 837,000 to 849,000. The 4-week moving average was 857,000, a decrease of 13,250 from the previous week’s revised average.

The modest improvement is welcome, though it comes alongside a disheartening observation: we’ve now had 29 consecutive weeks in which the number of Americans filing for unemployment benefits was worse than at any time during the Great Recession.

All of which leads to a painfully obvious truth: the country still needs an economic relief as the coronavirus pandemic continues to take a brutal toll.

For reasons that don’t appear to make any sense, Donald Trump disagrees, announcing this week that he’s scrapping negotiations for a “Phase IV” economic aid package and telling voters to simply be satisfied with the status quo until after the election. As voters cast their ballots, the president personally accepted responsibility for ending talks to provide Americans with an economic lifeline.

Politico reported

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