Both German and French economies have entered into a historic recession after only being in the COVID-19 turmoil for a few months. In Q2 2020 the German economy is set to contract by 10% which is double that of the 2008 recession.
At the same time France has announced its GDP will contract by 1.5% for every week the economy is in lock down and posted that GDP in Q1 2020 contracted by 6% which, given the relative COVID-19 free Jan and February, this 6% number is almost entirely from March. France has forecast the COVID-19 virus will hit economic output the most since the second world war.
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US payrolls post 710,000 job losses in March
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US posts another 5.25m unemployed in a week
US posts another 5.25m unemployed in a week