United States:
U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession
“The record-long U.S. economic expansion is over. Gross domestic product contracted at a 4.8% annualized rate in the January-March period, the largest drop since 2008, according to Commerce Department data released Wednesday. The median projection in a Bloomberg survey of economists had called for a 4% drop.”
Europe:
British Airways Massive Staff Cuts Bring Fresh Blow to Economy
“IAG SA’s plan to slash as many as 12,000 jobs at British Airways, a scale of cuts unseen since the coronavirus struck, is meeting opposition from unions and putting Prime Minister Boris Johnson in a tight spot. The staff reductions, amounting to almost 30% of the workforce at Britain’s former state-owned airline, are part of a restructuring aimed at shrinking the group for a downturn that it reckons could last for years.”
Asia:
Singapore Employment Plunges Most Since SARS Outbreak in 2003
“Employment in Singapore began the year with its sharpest quarterly contraction since the SARS outbreak in 2003 as the city-state contends with the highest number of coronavirus infections in Southeast Asia. Total employment, excluding foreign domestic workers, slumped by 19,900 in the first quarter due to a “significant reduction” in the number of foreigners working in Singapore, the Ministry of Manpower said in a statement Wednesday.”
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