California Lockdown’s Job Losses Spell Trouble for the Nation
“California’s second round of coronavirus-related shutdowns, among the nation’s strictest measures, are already causing pain for the most populous state’s labor market and portend a deterioration in the overall U.S. employment picture for July. When Governor Gavin Newsom announced on July 13 that indoor operations at businesses including salons and gyms would close to curb the resurgent virus — cases in the state have doubled in the last month — owners scrambled to figure out whether they could stay open.”
ECB’s Lane Warns of Slow Recovery Amid Virus Resurgence
“European Central Bank chief economist Philip Lane cautioned against reading too much into recent economic data and warned that a global resurgence of coronavirus cases will weigh on consumers and businesses for some time. It would be “unwise” to draw strong conclusions from the euro area’s less-bad-than-expected second-quarter performance, which should be jointly assessed with the three months through September, Lane said in a blog post published on the ECB’s website.”
South Korean Consumer Prices Rise for First Time Since April
“South Korea’s consumer prices advanced in July, led by fresh foods, adding to signs that the economic downturn from the coronavirus pandemic is bottoming out, though questions linger about the strength of recovery. Inflation accelerated to 0.3% from June’s zero and May’s negative readings, data from the statistics office showed Tuesday. Economists had also expected consumer prices to increase 0.3% from a year earlier.”
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