The big declines in retail sales volumes in March and in the PMI activity surveys in April make it clear that the slump in activity has been unprecedented in terms of its speed and its severity. We continue to believe that economy has contracted by 25% from peak to trough. Perhaps even more worrying are the growing signs of widespread job cuts, the adverse effects of which will prevent a perfect V-shaped recovery.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services