RationalFX : Covid-19 has wiped out all the jobs gained since recovering from the Great Recession, according to the recent jobless claims figures…..
Over five million people filed for unemployment benefits for the first time in the past week.The Philly Fed Manufacturing Index crashed far below expectations while housing data was mixed.
President Trumps administration have also produced an 18-page guidance document which details three phases to reopen state economies, with each phase lasting, at minimum of 14 days.
The Chinese economy shrank by 6.8% yearly in the first quarter of 2020, the first squeeze since 1992 and worse than expected. The impact of coronavirus was more marked on the services sector, where consumption tumbled by 15.8% yearly in March while industrial output declined by only 1.1%. Beijing acknowledged a higher death toll from the disease in Wuhan, the epicentre, as deaths outside hospitals were accounted for.
Recent COVID-19 statistics have shown that cases and deaths have stubbornly remained high in Germany, France, Italy, and Spain. The data was partially skewed by the long Easter weekend but is still of worry. Ursula von der Leyen, President of the European Commission, said that the EU owes Italy an apology for not standing by its side at an early stage.
Source : ETFWorld.co.uk