Weekly Digest & View From The Bridge - INVESTEC
There is some noise in the aggregate data but it does appear that the global curve is flattening.
The US accounts for 38% of new daily infections, down from a peak of just over 40%. The UK now accounts for 7% of new daily infections and Turkey is up to 6.6%.
It is interesting how correlated the number of infections per capita is with temperature. Hopefully this points to some respite for the Northern Hemisphere over the coming months.
Measuring the economic impact of coronavirus.
In the USA, initial jobless claims were again above 6m last week. Over the past three weeks, 10% of the US labour force has filed for unemployment.
The steep fall in employment may see as much as a decade’s worth of job creation wiped out in two months.
China gets back to work
The quarantine in Wuhan province has now come to an end and Chinese activity continues to normalise. Traffic is back to normal levels across the country except for Wuhan. One probably needs to be a bit careful interpreting normal levels of traffic congestion as a full recovery though, it may well be the case that people are preferring to travel by car rather than bus/subway given social distancing.