United States:
U.S. Economy Slowly Grinds Ahead as Virus Restricts Recovery
“After a rapid rebound in the third quarter, the U.S. economy is settling into a more moderate pace of improvement as hiring, spending and travel remain constrained by Covid-19. Bloomberg Economics created a weekly dashboard of high-frequency, alternative and market-based data to track the economy’s plunge into recession and eventual recovery. About 331,000 new virus cases were recorded last week — an eight-week high — underscoring the economy’s inability to fully return to its pre-pandemic strength without a vaccine. Even so, some measures, such as restaurant bookings and a measure of new job postings, improved from the prior week.”
https://www.bloomberg.com/graphics/recovery-tracker/?srnd=economics-vp
Europe:
German Recovery Loses Steam
“Germany’s economy is losing steam but will do slightly better than government forecasts as fears grow over rising coronavirus infections, according to the country’ s five leading research institutes. Gross domestic product will contract by 5.4% in 2020 and grow 4.7% next year, the experts predicted in their latest bi-annual outlook published Wednesday. In their spring report, they expected a contraction of 4.2% this year and growth of 5.8% in 2021.”
Asia:
Bank of Korea Set to Extend Hold as Virus Eases: Decision Guide
“The Bank of Korea is likely to keep its benchmark interest rate on hold on Wednesday, amid signs of economic improvement and a tapering of local coronavirus cases. All 21 analysts surveyed by Bloomberg expect the central bank to maintain its seven-day repurchase rate at 0.5% for the third consecutive meeting, having cut by 75 basis points earlier this year.”
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