The US employers added a robust 379,000 jobs last month, the most since October and a sign that the economy is strengthening as confirmed viral cases drop, consumers spend more and states and cities ease business restrictions.
France is faring worse than Germany, Europe’s largest economy, which on Thursday reported a 10.1% plunge in GDP during the April-June period as its exports and business investment collapsed.
The contraction, triggered by one of Europe's strictest coronavirus lockdowns, was worse than the 16.6% expected by analysts. It came after a 5.2% drop in the first quarter, dragging Spain into its steepest recession ever, at a record pace.
The coronavirus is taking a toll on even countries hitherto considered economically sound. After easing its fiscal rules and raising taxes, Russia is running out of options to give a fillip to public finances strained by the pandemic and the collapse
Britain officially entered recession in the second quarter after gross domestic product (GDP) contracted by 2.2 per cent in the first three months of the year. The technical definition of a recession is two quarterly contractions in a row.
The economy shrank by 8.9 per cent in the second quarter because of the effects of the coronavirus lockdown, after a contraction of 0.4 per cent in the first quarter.
Australia’s jobless rate unexpectedly slipped from a 22-year high in August as employment surged past expectations helped by part-time work, but the economic toll from the pandemic has hit young job seekers hard.
The number of Americans applying for unemployment benefits tumbled last week to 576,000, a post-COVID low and a hopeful sign that layoffs are easing as the economy recovers from the pandemic recession.
Singapore reported dismal preliminary second quarter growth data on Friday, including the slowest pace of annual expansion in a decade, raising bets that a recession and monetary policy easing could be coming.