Macro Focus - Coronavirus briefing - The pandemic is accelerating on a global scale
Coronavirus briefing: Europe starts to reopen borders

 

The epidemic

§  According to the head of WHO, the pandemic is accelerating on a global scale. On Sunday, the WHO reported a record increase in global coronavirus cases.

§  Stability continues in Europe and Russia. However, Germany saw a jump in the number of new cases, after a more than 1300 abattoir employees tested positive for the virus.

§  The overall trend is rising in the US, due the fast case growth in many southern and western states. Testing has increased as well, but not enough to explain the increase in cases.

§  In Sweden, the number of new cases, and confirmed deaths surged at the beginning of the last week. The decline during the weekend can be explained by the Midsummer celebrations, and the numbers may be revised upwards later on.

Policy

§  US President Donald Trump told thousands of supporters on Saturday that he had asked officials to slow down testing for Covid-19 because case numbers in the country were rising so fast.

§  At it’s June meeting, Norges Bank kept the policy rate at zero, as widely expected.

Economic effects

§  Initial jobless claims in the US continue to be high but dropping each week. In week 24, there were 1.50 million claims compared to the previous week’s 1.57 million.

§  In Sweden, the LFS unemployment rate rose to 8.5% in May, while employment held up relatively well, and fell only by 0.6% y/y.

PDF-Document Full report here

Sonja Liukkonen 

Junior Economist 
Swedbank AB (publ) 
FI-00100 Helsinki 
Phone: +358 400 98 21 59 
research.swedbank.se 

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