The coronavirus pandemic’s toll on the global economy became emphatically clearer this week, with record drops in GDP in Europe and the U.S.
Here's a look at what the numbers show.
Here's a look at what the numbers show.
In Europe, the economy tumbled into its worst recession on record in the 2nd quarter this year, with the sharpest contractions since statistics started being kept in 1995 nyti.ms/2BK4ho6 
In the U.S., economic output fell at its fastest pace on record in the spring, shrinking nearly $2 trillion in the 2nd quarter.
In essence, the slowdown wiped out 5 years of economic growth in a matter of months. nyti.ms/39LyOP5
In essence, the slowdown wiped out 5 years of economic growth in a matter of months. nyti.ms/39LyOP5
There are only 2 possible comparisons in modern American history for how sharply U.S. economic output fell last spring: the Great Depression and the demobilization after World War II, both of which occurred before the advent of modern economic statistics nyti.ms/39LyOP5
The U.S. Labor Department also reported that another 2 million people filed for unemployment benefits last week — the 2nd weekly increase in a row after nearly 4 months of declines
On both sides of the Atlantic, governments are trying to respond:
—Federal aid in the U.S. is on the verge of running out, and Washington is at an impasse over another stimulus.
—The EU agreed to a stimulus of 750 billion euros, or about $884 billion, to rescue their economies.
—Federal aid in the U.S. is on the verge of running out, and Washington is at an impasse over another stimulus.
—The EU agreed to a stimulus of 750 billion euros, or about $884 billion, to rescue their economies.
See more economic updates here: nytimes.com/live/2020/07/3…
