Report cards on the massive economic toll of the coronavirus were issued in the U.S. and Europe this week and they were downright abysmal. The U.S., Germany, France, Spain and Italy all registered the sharpest declines in gross domestic product on record, according to the respective government statistical agencies. And while economies have reopened from mandated lockdowns, the pandemic continues to complicate a recovery.
Here are some of the charts that appeared on Bloomberg this week, offering insight into the latest developments in the global economy:
U.S.
The world’s largest economy just suffered its worst downturn since at least the 1940s. The figures highlight the extraordinary impact from government-ordered shutdowns and stay-at-home orders that abruptly brought a halt to the longest-running expansion.
Piling Up
Coal stockpiles at U.S. power plants are climbing
Source: U.S. Energy Information Administration.
Note: Figures show tons of inventory per megawatt-hour generated
Coal stockpiles at power plants reached a record high last quarter, as electricity consumption slumped and utilities burned less of the fuel amid the pandemic.
Record-low borrowing costs are turning the American dream of owning a home into a reality. The homeownership rate jumped in the second quarter to the highest since September 2008, according to government data.
Europe
Virus Damage
Spain is Europe’s worst performer so far in second quarter
Source: National statistics offices, Bloomberg survey
The pandemic sent the euro-area economy into the deepest recession on record in the second quarter. While indicators show a rebound is already underway, the 12.1% plunge in the 19-member region and mounting concerns about new flare-ups in infections point to a long recovery that may leave lasting scars in its wake.
Crawling Back
U.K. vehicle production begins recovery from catastrophic levels
Source: Society of Motor Manufacturers and Traders
U.K. manufacturers produced 381,357 cars through June, their lowest six-month output in 66 years. The Society of Motor Manufacturers and Traders now forecasts production this year to be down almost a third from 2019.
Asia
Contraction Continues
Hong Kong’s economy shrank by 9% in the second quarter of 2020
Source: Census and Statistics Department Hong Kong
Hong Kong’s economy contracted for the fourth straight quarter as the coronavirus pandemic and political tensions extend the city’s first recession in a decade.
Crisis Levels
Singapore’s jobless rate hit highest since global financial crisis in the second quarter
Source: Singapore Ministry of Manpower
Singapore’s jobless rate climbed to 2.9% in the second quarter, the highest in more than a decade, as large parts of the city-state’s economy shut down to contain Covid-19.