Global Economy Briefs

The number of jobs in in-person services is still well below prepandemic levels, but the recovery is underway

US Real Gross Domestic Product grew by 6.4 percent (annualized) during the first quarter of 2021, slightly below the consensus forecast and above The Conference Board’s forecast of 5.0 percent.

Most European countries went into a second lockdown in November. How will this lockdown impact economic growth, jobs and business confidence? The short answer is: milder than feared.

The Covid-19 pandemic is leading to what may end up being the deepest economic recession since the Great Depression. But eventually, a vaccine will be found, and the fear of the virus will dissipate. How different will the US economy look, say five years from now?

One of the categories that experiences the largest decline in a typical recession is consumer spending on goods. The US is now enduring the worst recession in 80 years: Employment in July was about 13 million below February’s number while GDP dropped by 11 percent in the first half of 2020. Yet in June, consumer spending on goods was 5 percent above pre-Covid-19 levels. Why?

In an interview with prepaid-card solution Soldo, Klass de Vries explains the prospects for European productivity levels in the wake of this spring's lockdowns. Discover why he believes recovery is likely as businesses everywhere adjust to COVID-19 safeguards.

As of May 4, 42 percent of the total French workforce was either fully or partially unemployed, representing 12 percent of total annual hours worked and with an output equivalent of 11 percent of annual GDP. Half of that GDP loss is associated with just three industries: manufacturing, wholesale and retail trade and construction.