This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.nytimes.com/2020/01/31/business/economy/european-union-eurozone-economy.html
The article has changed 14 times. There is an RSS feed of changes available.
| Version 4 | Version 5 |
|---|---|
| European Economic Growth Slows Almost to Zero | European Economic Growth Slows Almost to Zero |
| (4 months later) | |
| Friday was not a good day for Europe. As the European Union officially became smaller, losing Britain as a member, new data showed that economic growth in the bloc came almost to a standstill and that it is in danger of slipping into recession. | Friday was not a good day for Europe. As the European Union officially became smaller, losing Britain as a member, new data showed that economic growth in the bloc came almost to a standstill and that it is in danger of slipping into recession. |
| The 28 countries in the European Union grew only 0.1 percent during the last three months of 2019 compared with the previous quarter, according to official statistics. The eurozone, the region that includes 19 of those countries that use the euro, grew by the same amount in that period. | The 28 countries in the European Union grew only 0.1 percent during the last three months of 2019 compared with the previous quarter, according to official statistics. The eurozone, the region that includes 19 of those countries that use the euro, grew by the same amount in that period. |
| It was the European Union’s worst performance since the beginning of 2013, and leaves Europe with little margin for error as it braces for the economic impact of the coronavirus. Compounding the problem: The American economy has also slowed, with growth at its lowest rate since 2016. The United States is Europe’s largest trading partner. | It was the European Union’s worst performance since the beginning of 2013, and leaves Europe with little margin for error as it braces for the economic impact of the coronavirus. Compounding the problem: The American economy has also slowed, with growth at its lowest rate since 2016. The United States is Europe’s largest trading partner. |
| A number of factors contributed to the unexpectedly bad growth figures, economists said. They include widespread strikes in France, political confusion in Italy and slumping world trade. | A number of factors contributed to the unexpectedly bad growth figures, economists said. They include widespread strikes in France, political confusion in Italy and slumping world trade. |
| But Brexit hasn’t helped. With the future terms of cross-channel trade still to be negotiated, some businesses may be hesitant to hire new workers or spend money on expansion. | But Brexit hasn’t helped. With the future terms of cross-channel trade still to be negotiated, some businesses may be hesitant to hire new workers or spend money on expansion. |
| “It is one of the uncertainties weighing on investment,” said Rosie Colthorpe, European economist at Oxford Economics in London. “It’s still quite uncertain what both sides want.” | “It is one of the uncertainties weighing on investment,” said Rosie Colthorpe, European economist at Oxford Economics in London. “It’s still quite uncertain what both sides want.” |
| Growth at the end of the year was significantly slower than during previous quarters. The eurozone countries grew just 1.2 percent during 2019, according to a preliminary estimate by Eurostat, the European Union’s official statistics agency. The bloc as a whole, which includes countries that aren’t in the eurozone, like Sweden, Poland and Romania, grew 1.4 percent. | Growth at the end of the year was significantly slower than during previous quarters. The eurozone countries grew just 1.2 percent during 2019, according to a preliminary estimate by Eurostat, the European Union’s official statistics agency. The bloc as a whole, which includes countries that aren’t in the eurozone, like Sweden, Poland and Romania, grew 1.4 percent. |
| “The specter of recession is back,” Christoph Weil, an economist at Commerzbank in Frankfurt, said in a note to investors on Friday. | “The specter of recession is back,” Christoph Weil, an economist at Commerzbank in Frankfurt, said in a note to investors on Friday. |
| The coronavirus is another big unknown. China is a major customer for German cars and other European products. A slowdown in China would spill over to the eurozone. Europeans are also nervous that President Trump could follow through on threats to put punitive tariffs on cars manufactured there. | The coronavirus is another big unknown. China is a major customer for German cars and other European products. A slowdown in China would spill over to the eurozone. Europeans are also nervous that President Trump could follow through on threats to put punitive tariffs on cars manufactured there. |
| Output in Italy, Europe’s most troubled big economy, unexpectedly shrank 0.3 percent in the fourth quarter. For the full year, Italian growth was zero, signaling more of the stagnation that has plagued the country for more than a decade. | Output in Italy, Europe’s most troubled big economy, unexpectedly shrank 0.3 percent in the fourth quarter. For the full year, Italian growth was zero, signaling more of the stagnation that has plagued the country for more than a decade. |
| Brexit has already hurt trade between Britain and the rest of Europe. Germany missed out on about 16.2 billion euros, or $18 billion, in exports to Britain because of Brexit, according to the Ifo Institute for Economic Research in Munich, which measured how much more Germany would have sold to Britain if trade had remained as high as it was in 2015, before the Brexit referendum. | Brexit has already hurt trade between Britain and the rest of Europe. Germany missed out on about 16.2 billion euros, or $18 billion, in exports to Britain because of Brexit, according to the Ifo Institute for Economic Research in Munich, which measured how much more Germany would have sold to Britain if trade had remained as high as it was in 2015, before the Brexit referendum. |
| Updated June 16, 2020 | |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | |
| Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. | |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | |
| Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | |
| The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | |
| Some economists expressed optimism that the fourth quarter of 2019 was a low point and that European growth will begin to recover. Only a few months ago, Britain appeared to be headed for a disorderly exit from the European Union. That danger, at least, seems to be past. | Some economists expressed optimism that the fourth quarter of 2019 was a low point and that European growth will begin to recover. Only a few months ago, Britain appeared to be headed for a disorderly exit from the European Union. That danger, at least, seems to be past. |
| France, where the economy unexpectedly shrank 0.1 percent in the fourth quarter, could bounce back now that the strikes that paralyzed transportation have largely ended. | France, where the economy unexpectedly shrank 0.1 percent in the fourth quarter, could bounce back now that the strikes that paralyzed transportation have largely ended. |
| Unemployment in the eurozone, at 7.4 percent in December, is at its lowest since before the financial crisis began in 2008, according to figures released Thursday. When people have jobs, they spend more money and contribute to growth. | Unemployment in the eurozone, at 7.4 percent in December, is at its lowest since before the financial crisis began in 2008, according to figures released Thursday. When people have jobs, they spend more money and contribute to growth. |
| “Our hope is that the fourth quarter marks the bottom,” Ms. Colthorpe of Oxford Economics said. “We are little bit positive about 2020. But with uncertainties about Brexit and so forth it’s not going to be a massive rebound.” | “Our hope is that the fourth quarter marks the bottom,” Ms. Colthorpe of Oxford Economics said. “We are little bit positive about 2020. But with uncertainties about Brexit and so forth it’s not going to be a massive rebound.” |