JOB SEARCHES THROWING IN THE TOWEL pic.twitter.com/K58jrKihNw
— Win Smart, CFA (@WinfieldSmart) July 31, 2020
GLOBAL BUSINESS ACTIVITY pic.twitter.com/LPSsyubH5y
— Win Smart, CFA (@WinfieldSmart) July 31, 2020
Europe plunges into a deep recession as COVID-battered economies brace for a second wave t.co/fglr6USO9U
— Win Smart, CFA (@WinfieldSmart) July 31, 2020
Eurozone Economy Contracts by Record 40%
Stringent lockdowns weighed heavily on Europe’s economy in the second quarter, causing a record decline that was even more severe than in the U.S., but the continent’s strategy of containment coupled with aggressive stimulus is fanning hopes of a robust recovery.
The eurozone’s gross domestic product fell 40.3% annually in the three months through June, exceeding the U.S. economy’s 32.9% contraction, according to data published Friday. That is by far the sharpest decline since comparable records began in 1995, according to the European Union’s statistics agency.
However, recent statistics suggest Europe is having a “much bigger snapback and there are some indicators that it may be getting ahead [of the U.S.],” said Holger Schmieding, chief economist at Berenberg Bank.
The U.S. economy is being supported by a massive fiscal stimulus that will likely translate into a 2020 government budget deficit roughly twice as large as Europe’s, Mr. Schmieding added.
“The U.S. is paying with fiscal stimulus for its failure to tackle the pandemic decisively,” he said.
While the U.S. grapples with tens of thousands of new infections each day, Europe has largely brought the virus under control, even as it has eased restrictions and reopened internal borders, notwithstanding an increase in cases in countries such as France and Spain.
Confidence appears to be gaining among European consumers and businesses, supported by the billions that governments have lavished on job-protection schemes, aggressive stimulus from the European Central Bank, and a groundbreaking €1.8 trillion ($2.1 trillion) spending package unveiled by EU leaders last week.
The EU stimulus will push up economic growth in Greece, long one of the continent’s weakest performers, by about 2 percentage points a year for the next six years, the country’s central bank governor, Yannis Stournaras, said.
Small Business Owners Leaning on Credit Cards to Survive…
One-Third of Restaurants Face Permanent Closure…
Consumer Sentiment Sinks into Deep Funk…
Real GDP, % chg from prior peak
The worst #recovery shown here (red) used mountains of continuous extraordinary #policy the entire duration.Instead of humility, #Fed offers counter-factuals ("It would have been so much worse had we not…").
No evidence of that.
Troubling pic.twitter.com/TCSrnisePB— Jack Scott (@JackPScott) July 31, 2020
Charted: The Economic Impact of COVID-19 in the U.S. So Far 💣t.co/THqcA8hPdt pic.twitter.com/WvqvcXHL6v
— Visual Capitalist (@VisualCap) July 31, 2020
5TH WORST QUARTER IN A CENTURY pic.twitter.com/Eahf6Tai6T
— Win Smart, CFA (@WinfieldSmart) July 31, 2020
(but Nat'l Debt will be up from $9T ('08) to what could be $30T😒 by yearend w/ $1.5 ~ $2T/yr deficits projected by CBO (entitlements, fixed costs) forever)🤦♂️ t.co/MAt0m2XkQk
— M/I_Investments (@MI_Investments) July 31, 2020
Japanese Vehicle Production (Y/Y) May: -61.1% (prev -46.1%)
— LiveSquawk (@LiveSquawk) July 31, 2020
Aggregate level of activity back to where it was in 2015. t.co/CWu9yqvU4K
— Willie Delwiche, CMT, CFA (@WillieDelwiche) July 30, 2020
CONTINUING CLAIMS NOT V SHAPED 👇👇👇 pic.twitter.com/iRKmZ2pqKq
— Win Smart, CFA (@WinfieldSmart) July 31, 2020
Will economist's predictions for 3rd quarter be accurate? 🤔 pic.twitter.com/4pxfk1hfF9
— Win Smart, CFA (@WinfieldSmart) July 31, 2020
Dr. Fauci says coronavirus is so contagious, it won't likely ever disappear t.co/mfbwGJ3Qez
— Win Smart, CFA (@WinfieldSmart) July 31, 2020