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Between March and April, the number of workers fell by 4.4M, to 2003 levels. The effects of COVID on the occupation will begin to be mitigated, as the economy opens up. Its effects on unemployment will take longer to begin to reverse. By the end of 2020, both employed and unemployed will be far from their pre-COVID levels
With 2.5M jobs being added and the unemployment rate declining 1.4pp to 13.3% in May, it seems fair to assume that the economy has reached bottom and the recovery is underway.
It is hard to imagine that Hollywood could have produced a more dramatic script. There have been more than 1.8M confirmed Covid-19 cases in the United States and 6.4M worldwide. Tragically, there have been almost 400K Covid-related deaths.
In this publication you will find, on a weekly basis, our selection of the most relevant news regarding financial regulation.
The drop in household spending is unprecedented. BBVA's credit card spending data went from an increase of around 10% in Catalonia before the state of alarm to a drop of almost 60% following its implementation.