this-week-s-state-of-the-economy---what-is-ahead---31-july-2020

This Week's State Of The Economy - What Is Ahead? - 31 July 2020

Date: 11 August, 2020 | By : 

U.S. - While Risk Remains, The Worst Appears to Be Behind Us

  • The resurgence in COVID-19 in much of the Sun Belt appears to have topped out, although cases are rising faster in some smaller mid-Atlantic states and in parts of Europe, Asia and Australia.
  • Real GDP declined in line with expectations, plunging at a record 32.9% annual rate.
  • Jobless claims rose for a second consecutive week, and continuing claims also increased.
  • Consumer confidence faltered as the second wave of COVID-19 infections triggered a pullback in economic engagement.

 

Global - Q2 GDP Data Shows Impact of COVID-19

  • As expected, Mexico’s economy contracted significantly in the second quarter. The effects of COVID-19 and collapse in oil prices weighed heavily on the economy in Q2, while a lack of fiscal policy support from the current administration adds challenges to Mexico’s growth outlook going forward.
  • GDP data were released across Europe as well, with the German economy recording a third straight quarterly contraction. Eurozone GDP performed roughly in line with expectations, recording a large decline in Q2. Despite the large contraction, we are optimistic on the Eurozone economy’s prospects for the second half of the year.

 

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