Eurozona. Secondo Trimestre. Pil -12.1% QoQ, -15.0% YoY. – Eurostat.

Giuseppe Sandro Mela.

2020-07-31.

«These were by far the sharpest declines observed

since time series started in 1995»

* * * * * * *

Tutti i dati macroeconomici dell’occidente e dei paesi occidentalizzati evidenziano con chiarezza come la crisi da coronavirus sia stata solo l’elemento scatenante di una recessione economica dovuta ai problemi sociali, politici, strutturali ed economici di questo settore del mondo.

Elemento comune a tutti questi paesi è la presenza di immani debiti pubblici, arrivati adesso al limite della gestibilità. È È anche in corso una parcellizzazione del quadro politico, elemento questo che concorre a rendere ancora più instabile la gestione della cosa pubblica.

Nonostante sia passato molto tempo, l’Unione Europea non è ancora riuscita ad approvare in via definitiva il proprio budget settennale, ed i fondi a sostegno dell’economia non sono ancora stati ratificati dall’europarlamento.

L’Unione Europea sta vivendo in una palude decisionale, cullandosi nelle proprie illusioni, per non definirle più propriamente come allucinazioni.

Un esempio per tutti, i titoli del giorno 31 luglio di Eu Observer.

First use of new EU sanctions against Russia, China hackers

Six ‘LGBTI-free’ Polish cities left out of EU funding

Polish tribunal to examine EU gender-violence treaty

Why is building renovation ‘Cinderella’ of EU Green Deal?

Migrant healthcare must not be forgotten during Covid-19

Eight in ten people are concerned about climate change

Poland might still uphold gender-violence treaty

Non un rigo sui cogenti problemi economici dell’Unione: sembrerebbe che gli unici argomenti degni di discussione siano quelli sessuali oppure quelli del ‘clima’.

L’occidente si è avviato verso il suo suicidio culturale, sociale, politico ed economico.

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Eurostat ha rilasciato il Report

GDP down by 12.1% in the euro area and by 11.9% in the EU.

Preliminary flash estimate for the second quarter of 2020

GDP down by 12.1% in the euro area and by 11.9% in the EU

-15.0% and -14.4% respectively compared with the second quarter of 2019

In the second quarter 2020, still marked by COVID-19 containment measures in most Member States, seasonally adjusted GDP decreased by 12.1% in the euro area and by 11.9% in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. These were by far the sharpest declines observed since time series started in 1995. In the first quarter of 2020, GDP had decreased by 3.6% in the euro area and by 3.2% in the EU.

These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions under the COVID-19 containment measures. The next estimates for the second quarter of 2020 will be released on 14 August 2020.

Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 15.0% in the euro area and by 14.4% in the EU in the second quarter of 2020, after -3.1% and -2.5% respectively in the previous quarter. These were also by far the sharpest declines since time series started in 1995.

Among the Member States, for which data are available for the second quarter 2020, Spain (-18.5%) recorded the highest decline compared to the previous quarter, followed by Portugal (-14.1%) and France (-13.8%). Lithuania (-5.1%) recorded the lowest decline.

Geographical information.

Euro area (EA19): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

European Union (EU27): Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.

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Bbc. Eurozone suffers deepest contraction on record.

Spain has been plunged into its deepest recession in modern times by the coronavirus pandemic.

Its economy shrank by 18.5% in the April-to-June period, having already fallen by 5.2% in the first three months of the year.

The country was the worst performer in the eurozone, which saw its overall GDP decline by a record 12.1%.

France’s economy has also been badly hit, with GDP there falling by 13.8% in the second quarter.

The French statistics agency said the low point had come in April, with a gradual recovery in May and June as lockdown restrictions eased, but economic activity was still well below normal.

Italy, which was among the first European countries to be hit by the pandemic, has reported a similar drop, with the economy contracting by 12.4%. However, the fall was less steep than expected.

Across the EU, the economic contraction was 11.9%.

The official Eurostat agency said the falls were the largest since it began recording the figures in 1995.

The US and Germany both announced huge falls in national output on Thursday, showing the global economic impact of Covid-19.

The US saw its sharpest contraction in decades, with the economy shrinking at an annual rate of 32.9% between April and June.

Germany reported its deepest quarterly decline on record, as total production of goods and services fell by 10.1%.

The Spanish figures, which were worse than forecast, have wiped out the growth of the past six years.

Economic activity in Spain has declined by a total of more than a fifth so far this year. Service industries including transport, restaurants and accommodation have been hardest hit, as they have been most affected by the restrictions on movement imposed to fight the pandemic.

Spain has suffered a large number of deaths in the course of the health crisis, and a correspondingly dramatic impact on the economy was seen as inevitable, says BBC World Service economics correspondent Andrew Walker.

Our correspondent adds that although many of the restrictions on commercial activity in Spain have now been eased, any rebound is sure to be impaired by the recent resurgence of coronavirus infections in some areas.

Italia. Secondo Trimestre. Pil -12.4% QoQ, -17.3% YoY.

Giuseppe Sandro Mela.

2020-07-31.

«Confermato il tracollo per l’economia italiana nel secondo trimestre dell’anno, affossata dal lockdown deciso per limitare la diffusione del coronavirus»

«Italy’s economy shrank 12.4% in the second quarter from the previous three months»

«On a year-on-year basis, second quarter GDP tumbled 17.3%»

«The lockdown was only gradually eased from May 4 and much of the economy is still hurting»

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Istat. Stima preliminare del Pil

«Nel secondo trimestre del 2020 si stima che il prodotto interno lordo (Pil), espresso in valori concatenati con anno di riferimento 2015, corretto per gli effetti di calendario e destagionalizzato, sia diminuito del 12,4% rispetto al trimestre precedente e del 17,3% in termini tendenziali.

Il secondo trimestre del 2020 ha avuto una giornata lavorativa in meno sia rispetto al trimestre precedente sia nei confronti del secondo trimestre del 2019.

La variazione congiunturale del Pil è la sintesi di una diminuzione del valore aggiunto in tutti i comparti produttivi, dall’agricoltura, silvicoltura e pesca, all’industria, al complesso dei servizi. Dal lato della domanda, vi è un contributo negativo sia della componente nazionale (al lordo delle scorte), sia della componente estera netta.

La variazione acquisita per il 2020 è pari a -14,3%.»

«Il commento Dopo la forte riduzione registrata nel primo trimestre (-5,4%), l’economia italiana nel secondo trimestre 2020 ha subito una contrazione senza precedenti (-12,4%) per il pieno dispiegarsi degli effetti economici dell’emergenza sanitaria e delle misure di contenimento adottate. La caduta del Pil si colloca all’interno di un contesto internazionale dove le principali economie registrano riduzioni di analoga portata a causa del diffondersi della pandemia. Con il risultato del secondo trimestre il Pil fa registrare il valore più basso dal primo trimestre 1995, periodo di inizio dell’attuale serie storica»

* * * * * * *

Per paragone, il pil cinese nel secondo trimestre è cresciuto del +3.2% anno su anno, come se la crisi da Covid-19 non ci fosse stata.

Stessa epidemia, stesso lockdown, ma differenti sistemi economici e, soprattutto, differenti governi.

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FLASH: Pil, contrazione senza precedenti. Nel II trimestre -12.4%, ai minimi dal 1995.

E’ salato il conto della pandemia di coronavirus sull’economia. Il Pil ha fatto registrare nel II trimestre il valore più basso dal primo trimestre 1995, periodo di inizio dell’attuale serie storica: il calo è stato del 12,4% congiunturale cioé rispetto al I trimestre, e del 17,3% in termini tendenziali cioé rispetto al II trimestre del 2019. Lo rende noto l’Istat. Nel I trimestre, il Pil si era contratto del 5,4%.

L’Istat segnala che il secondo trimestre del 2020 ha avuto una giornata lavorativa in meno sia rispetto al trimestre precedente sia nei confronti del secondo trimestre del 2019. La variazione congiunturale del Pil del II trimestre “è la sintesi di una diminuzione del valore aggiunto in tutti i comparti produttivi, dall’agricoltura, silvicoltura e pesca, all’industria, al complesso dei servizi”. Dal lato della domanda, vi è un contributo negativo sia della componente nazionale (al lordo delle scorte), sia della componente estera netta.

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PIL italiano al minimo storico. Francia ai livelli del dopoguerra.

Confermato il tracollo per l’economia italiana nel secondo trimestre dell’anno, affossata dal lockdown deciso per limitare la diffusione del coronavirus.

Oggi l’Istat ha comunicato che la stima preliminare dei primi tre mesi del 2020 hanno visto il Prodotto Interno Lordo italiano scendere del 12,4%, mentre in confronto con lo stesso periodo dell’anno precedente il calo è stato ancora più ampio: -17,3%.

I dati sono corretti per gli effetti di calendario e destagionalizzati: il secondo trimestre del 2020 ha avuto una giornata lavorativa in meno sia rispetto al trimestre precedente sia nei confronti del secondo trimestre del 2019, precisa l’Istituto centrale di statistica.

“Dopo la forte riduzione registrata nel primo trimestre (-5,4%), l’economia italiana nel secondo trimestre 2020 ha subito una contrazione senza precedenti (-12,4%) per il pieno dispiegarsi degli effetti economici dell’emergenza sanitaria e delle misure di contenimento adottate”, aggiungono dall’istituto.

“Con il risultato del secondo trimestre il Pil fa registrare il valore più basso dal primo trimestre 1995, periodo di inizio dell’attuale serie storica”, sottolinea l’Istat. Si tratta quindi di un record negativo, un minimo storico.

I dati negativi, comunque, risultano migliori delle attese degli analisti, rispettivamente del -15% per il primo, e del -18,7% per il secondo dato.

Gli altri dati macro diffusi oggi

Il dato italiano segue quello relativo al PIL tedesco e statunitense diffusi ieri, mentre questa mattina era stato il turno anche di Francia e Spagna.

Il Pil trimestrale dei francesi è risultato in calo del 13,8%, dato migliore delle attese degli analisti che prevedevano un -15,3%. Sempre in Francia, tornano a crescere i prezzi al consumo sia su base mensile (+0,4%) che su base annuale (+0,8%).

Per i transalpini si tratta del dato peggiore dal dopoguerra. “Non male”, twittava il capo economista di Allianz (DE:ALVG) Ludovic Subran.

Dato peggiore delle previsioni degli analisti anche per il Prodotto Interno Lordo spagnolo del secondo trimestre, crollato del 18,5% su base trimestrale, mentre il dato trimestrale su base annuale ha visto un calo del 22,1%.

Il calendario economico di oggi prevede anche il dato sul PIL dell’unione europea sia trimestrale che annuale, previsto per le 11, mentre nel pomeriggio il focus sarà sugli Stati Uniti, con i consumi (ore 14:30) e il sentimento dei consumatori (ore 16:00) al centro dell’attenzione.

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Italy’s GDP slumps unprecedented 12.4% in Q2, but better than analysts had feared.

Italy’s economy shrank 12.4% in the second quarter from the previous three months, preliminary data showed on Friday, as activity nosedived during the coronavirus pandemic, but the fall was less severe than many analysts had predicted.
The quarterly slump in gross domestic product (GDP) in the euro zone’s third largest economy was “unprecedented”, national statistics bureau ISTAT said.

On a year-on-year basis, second quarter GDP tumbled 17.3%, ISTAT said.

Analysts polled by Reuters had predicted a 15.0% contraction quarter-on-quarter and an 18.7% drop year-on-year.

All segments of the economy suffered, ISTAT said, without giving details.

ISTAT also revised down its readings for the first three months of 2020 to give a quarterly drop of 5.4% and a 5.5% fall against the same period a year ago. These were previously given as 5.3% and 5.4% respectively.

Italy has been one of the countries hardest hit in Europe by Covid-19, registering more than 35,000 deaths since the contagion came to light in late February. Looking to halt the spread, the government introduced rigid restrictions on trade and travel on March 9, forcing most businesses to close.

The lockdown was only gradually eased from May 4 and much of the economy is still hurting.

Italy’s official forecast is for a full-year GDP contraction of 8% this year, although Economy Minister Roberto Gualtieri has said this will probably have to be revised lower. The Bank of Italy has estimated negative growth of 9.5% and the European Commission has predicted the economy will contract 11.2% — the sharpest fall within the 27-nation bloc.

Spain reported earlier on Friday that its GDP contracted 18.5% in the second quarter from the previous three-month period, while in France, GDP dropped 13.8% and in Germany it fell 10.1%.

The Italian government has announced measures worth 75 billion euros ($89.18 billion) to help firms and families overcome the crisis and has said it will present an additional 25-billion-euro stimulus package in early August.

ISTAT gave the following details:

Q2 2020 Q1 2020 Q4 2019 Q/Q (pct change) -12.4 -5.4r -0.2 Y/Y (pct change) -17.3 -5.5r 0.1.

Spagna. Secondo Trimestre. Pil -18.5% QoQ, -22.1% YoY.

Giuseppe Sandro Mela.

2020-04-31.

La situazione spagnola è in linea con quella del blocco europeo.

Spagna. Giugno. Vendite al Dettaglio -4.7% anno su anno.

Spagna. Maggio. Produzione Industriale. -24.5% YoY, +14.7% MoM.

Spagna. Maggio. Vendite al dettaglio (annuale) -19.0%.

Spagna. Marzo. Produzione Industriale -12.2%.

Spagna. PMI del settore manifatturiero crolla a 30.8.

Spagna. Pil Q1 -5.2% qoq, -4.1 yoy.

Spagna. Costretta a scegliere chi curare.

Spagna. Socialisti perdono seggi e Vox duplica i consensi. Cdx in vantaggio.

Oro. Gold Dec 20 è quotato 1,995.40.

Giuseppe Sandro Mela.

2020-07-31. h 09:00 ora italiana.

Il Gold Dec 20 è quotato 1,995.40.

*

«global central banks bought 233.4 tonnes of gold on a net basis, 39% lower on a year-on-year basis»

«Global economic uncertainty has massively increased investors’ appetite for safe-haven asset gold»

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Central banks trimmed gold purchases between January and June: World Gold Council.

– The latest demand trends report by the World Gold Council showed that global central banks bought 233.4 tonnes of gold on a net basis

– This is 39% lower than the 385.7 tonnes seen in H1 2019 – the highest level of H1 net purchases since 2000

*

Central banks, one of the key participants in driving investment demand for gold, cut their purchase in the first half of this calendar year (H1 2020). The World Gold Council’s (WGC) latest demand trends report showed that global central banks bought 233.4 tonnes of gold on a net basis, 39% lower on a year-on-year basis. Also, this number is 6% lower than the 10-year H1 average of 247 tonnes.

Global economic uncertainty has massively increased investors’ appetite for safe-haven asset gold. In the first half of the year, this precious metal nearly 17% returns in the international market. In the same span, the MSCI World Index, down 7%. On 29 July, gold prices hit an all-time high intraday USD1981/ounce. Gold prices are expected to rise further aided by gloomy economic recovery outlook and historically low-interest rates worldwide.

“The World Gold Council said that buying has become more concentrated with fewer banks adding to reserves in 2020. We feel that one deterrent for the central bank was prices. In the first half of 2019, gold prices were quoting around $1350/ounce on an average, while in H1 of 2020, average gold prices were around $1700/ounce,” Sriram Iyer, senior research analyst at Reliance Securities Ltd. It should be noted that global central banks purchased a record of 385.7 tonne of gold in H1 2019.

The report highlights that the second quarter marked the first quarter since Russia – a major gold buyer since 2014 – suspended its gold purchasing. Further, in the June quarter, purchases were also more concentrated than seen in recent years. During the quarter, six central banks increased their gold reserves by a tonne or more. This compares with an average of nine over the last 12 quarters, the report said.

Tapan Patel, senior analyst for commodities at HDFC Securities Ltd is of the view that a temporary pause in gold buying from central banks is likely as many nations may sell some of the gold to tackle the current economic slowdown. “The major central banks from the world have bought record gold in the year of 2019, which was the highest in 50 years. The exhausted limit of gold buying from most of the central banks has resulted in a slowdown in H1 2020,” he added.

Turning to net sales, the first half of the year saw a rise in the number of banks reducing their gold reserves by a tonne or more compared to the same span last year. This comparison here is seven versus two. But despite this, the absolute volume of gold being sold during H1 2020 was modest at 42.5 tonnes.

Considering that global economic recovery would be prolonged, the WGC expects central banks to remain net purchasers in 2020, mainly due to negative interest rates. However, volumes could be below those of the two preceding years.

Francia. Secondo Trimestre. Pil -13.8% QoQ, -19% YoY. Recessione.

Giuseppe Sandro Mela.

2020-07-31.

In sintesi.

– Francia. Pil. -13.8% trimestre su trimestre.

– Francia. Pil. -19.0% anno su anno.

– Francia. Export -25%.

– Francia. Import -17.3%

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«The methods used to estimate the first release of quarterly accounts have been modified to take into account the lockdown of the French population between mid-March and the beginning of May in the context of the fight against the Covid-19 pandemic»

«In Q2 2020, GDP in volume terms declined: –13.8%, after –5.9% in Q1 2020»

« It is 19% lower than in Q2 2019»

«GDP’s negative developments in first half of 2020 is linked to the shut-down of “non-essential” activities in the context of the implementation of the lockdown between mid-March and the beginning of May»

«Household consumption expenditures dropped (–11.0% after –5.8%)»

«total gross fixed capital formation in a more pronounced manner (GFCF: –17.8% after –10.3%)»

«final domestic demand excluding inventory changes fell sharply: it contributed to –12.0 points to GDP growth»

«Exports fell this quarter (–25.5% after –6.1%)»

«imports (–17.3% after –5.5%)»

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France’s economy contracted by record 13.8 percent during lockown.

France’s economy contracted by a record 13.8 percent in the second quarter under the impact of coronavirus lockdowns, the national statistics institute INSEE said on Friday.

The seasonally-adjusted quarter-on-quarter drop in gross domestic product (GDP) was better than forecasts but worse than the performance of its eurozone peers.

“GDP’s negative developments in first half of 2020 is linked to the shut-down of ‘non-essential’ activities in the context of the implementation of the lockdown between mid-March and the beginning of May,” INSEE said in a statement.

INSEE also updated the figure for the first quarter – when lockdowns had just begun to be implemented – to a 5.9 percent contraction, from the 5.3 percent it had previously estimated.

The second quarter figure means the French economy has been shrinking for three consecutive quarters and continues to be in recession.

France’s second quarter contraction was much sharper than the record 10.1 percent fall in Germany. Austria suffered a 10.7 percent contraction and Belgium 12.2 percent.

However the drop was better than INSEE’s own forecast from mid-June of a 17 percent drop. The French central bank had estimated a 14 percent fall at the beginning of July.

The analyst consensus established by Factset was for a 15.3 percent drop in GDP.

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La Francia è in piena recessione economica.

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Il National Institute for Statistic ha rilasciato il dato sul pil francese.

In Q2 2020, GDP shrank by 13.8%Quarterly national accounts – first estimate – second quarter 2020

In Q2 2020, GDP in volume terms declined: –13.8%, after –5.9% in Q1 2020. It is 19% lower than in Q2 2019. GDP’s negative developments in first half of 2020 is linked to the shut-down of “non-essential” activities in the context of the implementation of the lockdown between mid-March and the beginning of May. The gradual ending of restrictions led to a gradual recovery of economic activity in May and June, after the low point reached in April.

Household consumption expenditures dropped (–11.0% after –5.8%), as did total gross fixed capital formation in a more pronounced manner (GFCF: –17.8% after –10.3%). General government expenditure also stepped back (–8.0% after –3.5%). Overall, final domestic demand excluding inventory changes fell sharply: it contributed to –12.0 points to GDP growth.

Exports fell this quarter (–25.5% after –6.1%) more strongly than imports (–17.3% after –5.5%). All in all, the foreign trade balance contributed negatively to GDP growth: –2.3 points, after –0.1 points the previous quarter. Conversely, changes in inventories contributed positively to GDP growth (+0.6 points).

Warning

The methods used to estimate the first release of quarterly accounts have been modified to take into account the lockdown of the French population between mid-March and the beginning of May in the context of the fight against the Covid-19 pandemic. These changes are detailed in the methodological note attached to this release (https://insee.fr/fr/statistiques/documentation/comptes_m_PET220.pdf ). However, this first estimate remains fragile and is likely to be revised, more than usual, in the next releases of quarterly accounts. Furthermore, given the strong developments expected for the following quarters, the overhangs for the year 2020, which imply a null evolution for the rest of the year, cannot be interpreted. As such, they are not published in this estimate.

Regno Unito. Gli inglesi hanno sempre qualcosa da insegnarci.

Giuseppe Sandro Mela.

2020-07-31.

The Collegiate Church of St Peter at Westminster, London – “Westminster Abbey” at night.

«I tentativi dei servizi di intelligence britannici di infiltrarsi nel Cremlino sono tenuti così segreti che non verrebbero mai condivisi con la Commissione parlamentare per l’Intelligence e la Sicurezza»

«Le fonti hanno detto che le informazioni critiche vengono condivisi unicamente con il primo ministro, con ministri e funzionari senior, ma non con la Commissione»

«La Commissione non viene informata dell’intelligence segreta, riceve alcuni dettagli ma assolutamente nessuna fonte e di sicuro non è aggiornata di continuo»

«Ancora oggi i materiali fondamentali riguardanti la Russia sono condivisi solo su carta e con un numero ristretto di persone, perché il governo britannico non si fida delle comunicazioni elettroniche»

* * * * * * *

Per definizione, i servizi segreti sono tali oppure non servono a nulla.

Ovviamente, i servizi segreti soggiacciono alle autorità costituite, almeno per le linee guida.

Ma i segreti restano tali in quante meno persone ne siano a conoscenza.  Ed in questo gli inglesi sono davvero essenziali.

Per tradizione più che centenaria, i servizi segreti inglese devono gran parte della loro efficienza al fatto di relazionarsi soltanto con il premier, alcuni ministri ed ancor meno alti funzionari. Il parlamento non condivide i loro segreti.

Inoltre, per gli ovvii motivi prudenziali, i rapporti sono orali od, al massimo, scritti su carta, evitando ogni qualsiasi forma di corrispondenza elettronica.

Diciamo che non dovrebbe servire un grande acume per immaginare che il sogno dei servizi segreti inglesi sia quello di avere proprio agenti infiltrati nel Kremlin oppure nei servizi segreti russi. Ma nulla se ne sa.

Poi ci sono nazioni estrose, che si distinguono da tutte le altre.

Germania. Corte Costituzionale proibisce ai servizi segreti le intercettazioni.

German intelligence can’t spy on foreigners outside Germany.

Gerusalemme. Summit dei servizi segreti degli Usa, Israele e Russia.

GRU si leggeva tranquillamente le email di Frau Merkel. Per anni …

Macron. Benalla. Un processo insabbiato. Chi sa perché ….

* * * * * * *

Come al solito, molto ci sarebbe da imparare andando a lezione dagli inglesi.

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Regno Unito: fonti governo, ingiuste critiche Commissione intelligence su ingerenze russe.

Londra – (Agenzia Nova) – I tentativi dei servizi di intelligence britannici di infiltrarsi nel Cremlino sono tenuti così segreti che non verrebbero mai condivisi con la Commissione parlamentare per l’Intelligence e la Sicurezza, perciò le critiche nel rapporto sulla Russia sono ingiuste. E’ questa l’opinione di alcune fonti governative ripresa dal quotidiano britannico “The Guardian”. Le fonti hanno detto che le informazioni critiche vengono condivisi unicamente con il primo ministro, con ministri e funzionari senior, ma non con la Commissione. “La Commissione non viene informata dell’intelligence segreta, riceve alcuni dettagli ma assolutamente nessuna fonte e di sicuro non è aggiornata di continuo”, ha affermato una fonte di Whitehall. La Commissione per l’Intelligence e la Sicurezza starebbe quindi “parlando a partire da un certo livello di ignoranza”. Le fonti hanno lamentato che il risultato del rapporto è quello di “rovinare la reputazione” dei servizi segreti dell’MI5, dell’MI6 e dell’agenzia di coordinamento dei servizi segreti (Gchq) mentre questi cercano di gestire i rischi posti dalla Russia. Ancora oggi i materiali fondamentali riguardanti la Russia sono condivisi solo su carta e con un numero ristretto di persone, perché il governo britannico non si fida delle comunicazioni elettroniche.

La Russia respinge le accuse di coinvolgimento in attacchi di hacker in relazione allo sviluppo di un vaccino contro il coronavirus, come dichiarato ieri dalla portavoce del ministero degli Esteri russo Maria Zakharova. “Rifiutiamo fermamente un’altra assurda campagna mediatica dei nostri amici anglosassoni, prima di tutto gli Stati Uniti, in secondo luogo, il Canada e il Regno Unito”, ha dichiarato Zakharova durante un briefing. “Abbiamo interagito con successo per molto tempo su questioni di vitale importanza per tutta l’umanità con molti paesi del mondo, compresi, tra l’altro, quelli menzionati”, ha ricordato la portavoce del ministero degli Esteri russo “Cercare di giocare su un argomento così delicato è semplicemente indegno e blasfemo”, ha aggiunto.

La scorsa settimana, il ministro degli Esteri del Regno Unito Dominic Raab ha dichiarato di essere “assolutamente sicuro” che i servizi di intelligence russi abbiano cercato di rubare informazioni sulla ricerca sui vaccini per il coronavirus sviluppati nei paesi occidentali. In un’intervista a “Sky News”, Raab ha spiegato che tale piano rientrerebbe in un approccio sistematico di minaccia cibernetica adottato dalla Russia. “Siamo assolutamente consapevoli che le agenzie di intelligence russe sono state coinvolte in un attacco informatico alle organizzazioni di ricerca e sviluppo in questo paese e a livello internazionale al fine di sabotare o trarre profitto dalla ricerca e sviluppo in corso” sui vacci, ha detto Raab. “Nel momento in cui il mondo si sta riunendo per cercare di contrastare il coronavirus, in particolare per trovare una soluzione globale per un vaccino, penso che sia scandaloso e riprovevole che il governo russo sia impegnato in questa attività”, ha affermato il ministro britannico.

Nei giorni scorsi il Centro di sicurezza cibernetica nazionale del Regno Unito (Ncsc) ha denunciato il presunto tentativo di un gruppo di hacker sostenuti dalla Russia di colpire organizzazioni britanniche, degli Stati Uniti e del Canada che stanno lavorando per sviluppare un vaccino contro il coronavirus. L’Ncsc ha riferito che alcune aziende farmaceutiche e gruppi di ricerca sarebbero nel mirino del gruppo di hacker Apt29, che fa “quasi certamente” parte dei servizi di intelligence del Cremlino. I membri dell’intelligence si sono rifiutati di confermare se alcuni di questi attacchi hanno avuto successo nel tentativo di estorcere informazioni mediche. Nessuna delle ricerche sul vaccino è stata compromessa, hanno però assicurato. Il quotidiano “The Guardian” sottolinea come sia raro che il Regno Unito dichiari in modo esplicito di ritenere che un altro paese stia organizzando attacchi online coordinati. Il ministro degli Esteri britannico Raab ha detto che è assolutamente inaccettabile che i servizi segreti della Russia colpiscano i centri di ricerca per il vaccino. “Mentre altri seguono i propri interessi egoistici con un comportamento avventato, il Regno Unito e i suoi alleati stanno compiendo il duro lavoro di tentare di trovare un vaccino e proteggere la sanità pubblica”, ha detto Raab. Il gruppo Apt29 è attivo da diversi anni, ed è stato collegato anche agli attacchi contro il Partito democratico statunitense nelle elezioni del 2016.

Oro. Le sue quotazioni indicano come l’economia occidentale sia in crisi.

Giuseppe Sandro Mela.

2020-07-31.

America. Sta perdendo il predominio sui mercati. – Bloomberg.

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«The message behind gold’s rally: the world economy is in trouble.»

«- U.S. five-year real yields are hovering near seven-year lows»

«Precious metal topped $1,900 an ounce first time since 2011»

«It’s easy to forget now but there was a time early on in the pandemic when the price of gold was in freefall.»

«For the pandemic of 2020 would soon show itself to be the driving force behind one of the most ferocious rallies the gold market has ever seen.»

«At the close of trading in New York on Friday, bullion had spiraled to $1,902.02 an ounce, some 30% higher than the low it hit in March and just 1% off a record high set back in 2011»

«The virus has unleashed a torrent of forces that are conspiring to fuel relentless demand for the perceived safety from turmoil that gold provides»

«There’s the fear of further government-ordered lockdowns; and politicians’ decision to push through unprecedented stimulus packages; and central bankers’ decision to print money faster than they ever have before to finance that spending; and the plunge in inflation-adjusted bond yields into negative territory in the U.S.; and the dollar’s sudden decline against the euro and yen; and rising U.S.-China tensions»

«The main driver behind gold’s latest rally “has been real rates that continue to plummet and don’t show signs of easing anytime soon»

«Gold is also drawing investors “concerned that stagflation will win our»

«Investors are looking for safe havens that won’t lose value.»

«When interest rates are zero or near zero, then gold is an attractive medium to have because you don’t have to worry about not getting interest on your gold»

«In April, Bank of America Corp. raised its 18-month gold-price target to $3,000 an ounce»

«Moreover, as China’s GDP quickly converges to U.S. levels helped by the widening gap in Covid-19 cases, a tectonic geopolitical shift could unfold, further supporting the case for our $3,000 target over the next 18 months»

«This isn’t the first time gold has gotten help from central bank stimulus programs»

«From December 2008 to June 2011, the Fed bought $2.3 trillion of debt and held borrowing costs near zero percent in a bid to shore up growth, helping send bullion to a record $1,921.17 in September 2011»

* * * * * * *

In sintesi.

– Gli stati occidentali sono oberati di debiti

– Per sostenere il debito, le banche centrali sono passate da prestatrici ed acquirenti di ultima istanza

– Stampano denaro a ritmo vertiginoso e lo usano per comprare dei bond: «Fed bought $2.3 trillion of debt»

*

I sistemi politici ed economici non rispondono più alle esigenze dei tempi odierni e si sono arenati in inconcludenti diatribe ideologiche.

La Cina molto semplicemente va ad occupare tutti gli spazi abbandonati dall’occidente: aggravando in questa maniera la crisi disgregatrice.

Cina. Giugno. Collocati all’estero bond cinesi per 619 miliardi Usd.

La finanza occidentale si ritira semplicemente in Cina finanziandone ulteriormente la ripresa.

*

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The Message Behind Gold’s Rally: The World Economy Is in Trouble. – Bloomberg

– U.S. five-year real yields are hovering near seven-year lows

– Precious metal topped $1,900 an ounce first time since 2011

*

It’s easy to forget now but there was a time early on in the pandemic when the price of gold was in freefall.

It was a curious thing, what with the virus sparking a collapse in the global economy, and it would prove in time to be one of the great head-fakes in the recent history of financial markets. For the pandemic of 2020 would soon show itself to be the driving force behind one of the most ferocious rallies the gold market has ever seen. At the close of trading in New York on Friday, bullion had spiraled to $1,902.02 an ounce, some 30% higher than the low it hit in March and just 1% off a record high set back in 2011.

The virus has unleashed a torrent of forces that are conspiring to fuel relentless demand for the perceived safety from turmoil that gold provides. There’s the fear of further government-ordered lockdowns; and politicians’ decision to push through unprecedented stimulus packages; and central bankers’ decision to print money faster than they ever have before to finance that spending; and the plunge in inflation-adjusted bond yields into negative territory in the U.S.; and the dollar’s sudden decline against the euro and yen; and rising U.S.-China tensions.

All these things, when taken together, have even triggered concern in some financial circles that stagflation — a rare combination of sluggish growth and rising inflation that erodes the value of fixed-income investments — could take hold across parts of the developed world.

In the U.S., where the virus is still raging and the economic recovery is stalling, this debate is growing louder. Investor expectations for annual inflation over the next decade, as measured by a bond-market metric known as breakevens, have moved higher the past four months after plunging in March. On Friday, they hit 1.5%. And while that remains below pre-pandemic levels and below the Federal Reserve’s own 2% target, it is almost a full percentage point higher than the 0.59% yield that benchmark 10-year Treasury bonds pay.

The main driver behind gold’s latest rally “has been real rates that continue to plummet and don’t show signs of easing anytime soon,” Edward Moya, a senior market analyst at Oanda Corp., said by phone. Gold is also drawing investors “concerned that stagflation will win out and will likely warrant even further accommodation from the Fed.”

U.S. bond markets have been a driving force behind the rush to gold, which is serving as an attractive hedge as yields on Treasuries that strip out the effects of inflation fall below zero. Investors are looking for safe havens that won’t lose value.

The mania for gold right now has trickled down to Main Street. Retail investors have helped put ETF holdings backed by gold on track for an 18th straight weekly gain, the longest streak since 2006. Meanwhile, gold posted its seventh weekly gain on Friday, and analysts don’t expect the increases to end anytime soon.

“When interest rates are zero or near zero, then gold is an attractive medium to have because you don’t have to worry about not getting interest on your gold,” Mark Mobius, co-founder at Mobius Capital Partners, said in a Bloomberg TV interview. “I would be buying now and continue to buy.”

Analysts have been predicting huge upside for gold for several months. In April, Bank of America Corp. raised its 18-month gold-price target to $3,000 an ounce.

“The global pandemic is providing a sustained boost to gold,” Francisco Blanch, BofA’s head of commodities and derivatives research, said Friday, citing impacts including falling real rates, growing inequality and declining productivity. “Moreover, as China’s GDP quickly converges to U.S. levels helped by the widening gap in Covid-19 cases, a tectonic geopolitical shift could unfold, further supporting the case for our $3,000 target over the next 18 months.”

Bank of America’s bold prediction was made after gold prices initially dropped in March as investors sought cash to cover losses on riskier assets. Prices quickly recovered after a surprise cut to the Fed’s benchmark rate and signs that the economic toll of the coronavirus would lead to massive stimulus efforts from global governments and central banks.

This isn’t the first time gold has gotten help from central bank stimulus programs. From December 2008 to June 2011, the Fed bought $2.3 trillion of debt and held borrowing costs near zero percent in a bid to shore up growth, helping send bullion to a record $1,921.17 in September 2011.

The crisis a decade ago was all about banks, said Afshin Nabavi, head of trading at Swiss refiner and dealer MKS PAMP Group, who nows sees gold “pointing towards $2,000.”

“This time, to be honest, I do not see the end of the tunnel,” he said, at least until U.S. elections in November.

Usa. Pil secondo trimestre -32.9% YoY, Pil sulle vendite -29.3%. – BEA.

Giuseppe Sandro Mela.

2020-07-30.

«Un calo in un solo trimestre corrispondente alla scomparsa di una intera economia come quella della Germania. E’ questo, in sintesi, il dato relativo al crollo dell’economia statunitense comunicato nella giornata di oggi»

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Il Bureau of Economic Analysis ha rilasciato il Report

Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update.

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Il documento è ponderoso e ricchissimo di dati e tabelle. Se ne suggerirebbe la lettura completa, da capo a coda.

È un argomento complesso, che difficilmente può essere correttamente inquadrato senza aver preso una visione completa dei dati.

*

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Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020, according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter of 2020, real GDP decreased 5.0 percent.

Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see “Source Data for the Advance Estimate” on page 2). The “second” estimate for the second quarter, based on more complete data, will be released on August 27, 2020.

The decline in second quarter GDP reflected the response to COVID-19, as “stay-at-home” orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. For more information, see the Technical Note.

The decrease in real GDP reflected decreases in personal consumption expenditures (PCE), exports, private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending that were partly offset by an increase in federal government spending. Imports, which are a subtraction in the calculation of GDP, decreased (table 2).

The decrease in PCE reflected decreases in services (led by health care) and goods (led by clothing and footwear). The decrease in exports primarily reflected a decrease in goods (led by capital goods). The decrease in private inventory investment primarily reflected a decrease in retail (led by motor vehicle dealers). The decrease in nonresidential fixed investment primarily reflected a decrease in equipment (led by transportation equipment), while the decrease in residential investment primarily reflected a decrease in new single-family housing.

Current‑dollar GDP decreased 34.3 percent, or $2.15 trillion, in the second quarter to a level of $19.41 trillion. In the first quarter, GDP decreased 3.4 percent, or $186.3 billion (table 1 and table 3).

The price index for gross domestic purchases decreased 1.5 percent in the second quarter, in contrast to an increase of 1.4 percent in the first quarter (table 4). The PCE price index decreased 1.9 percent, in contrast to an increase of 1.3 percent. Excluding food and energy prices, the PCE price index decreased 1.1 percent, in contrast to an increase of 1.6 percent.

Personal Income and Outlays

Current-dollar personal income increased $1.39 trillion in the second quarter, compared with an increase of $193.4 billion in the first quarter. The increase in personal income was more than accounted  for by an increase in personal current transfer receipts (notably, government social benefits) that was partly offset by declines in compensation and proprietors’ income (table 8). Additional information on several factors impacting personal income can be found in “Effects of Selected Federal Pandemic Response Programs on Personal Income.”

Disposable personal income increased $1.53 trillion, or 42.1 percent, in the second quarter, compared with an increase of $157.8 billion, or 3.9 percent, in the first quarter. Real disposable personal income increased 44.9 percent, compared with an increase of 2.6 percent.

Personal outlays decreased $1.57 trillion, after decreasing $232.5 billion. The decrease in outlays was led by a decrease in PCE for services.

Personal saving was $4.69 trillion in the second quarter, compared with $1.59 trillion in the first quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 25.7 percent in the second quarter, compared with 9.5 percent in the first quarter.

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Personal Income and Outlays: May 2020

Personal income decreased $874.2 billion (4.2 percent) in May according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $911.1 billion (4.9 percent) and personal consumption expenditures (PCE) increased $994.5 billion (8.2 percent).

Real DPI decreased 5.0 percent in May and Real PCE increased 8.1 percent (tables 5 and 7). The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.

The decrease in personal income in May primarily reflected a decrease in government social benefits to persons as payments made to individuals from federal economic recovery programs in response to the COVID-19 pandemic continued, but at a lower level than in April (table 3). For more information, see “How are the economic impact payments for individuals authorized by the CARES Act of 2020 recorded in the NIPAs?”.

Partially offsetting the decrease in other government social benefits was an increase in unemployment insurance benefits, based primarily on unemployment claims data from the Department of Labor’s Employment and Training Administration. For more information, see “How will the expansion of unemployment benefits in response to the COVID-19 pandemic be recorded in the NIPAs?”.

The $892.6 billion increase in real PCE in May reflected an increase of $590.4 billion in spending for goods and a $363.8 billion increase in spending for services (table 7). Within goods, spending on motor vehicles and parts as well as recreational goods and vehicles were the leading contributors to the increase. Within services, the largest contributors to the increase were spending for health care as well as food services and accommodations. Detailed information on monthly real PCE spending can be found on Table 2.3.6U.

Personal outlays increased $989.9 billion in May (table 3). Personal saving was $4.12 trillion in May and the personal saving rate—personal saving as a percentage of disposable personal income—was 23.2 percent (table 1).

* * * * * * *

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Crollo peggiore della sua storia per il PIL degli Stati Uniti.

Un calo in un solo trimestre corrispondente alla scomparsa di una intera economia come quella della Germania. E’ questo, in sintesi, il dato relativo al crollo dell’economia statunitense comunicato nella giornata di oggi.

Il Prodotto Interno Lordo degli Stati Uniti, infatti, è sceso del 32,9% nel secondo trimestre 2020, rappresentando il peggio crollo della storia americana da quando il governo ha iniziato a tenere i registri nel 1947, superiore anche a quello della Grande Depressione degli anni Trenta del Novecento.

Tra gli altri dati macro, sono segnalate in crescita le richieste iniziali di sussidi di disoccupazione, salite a 1,434 milioni, anche se il dato è inferiore alle previsioni degli analisti (1,450)

“Gli investitori sono preoccupati per il PIL”, spiega Kathy Lien di BK Asset Management, “ma ciò che preoccupa di più è quello che succederà dopo che termineranno i sussidi extra per i disoccupati.

Il dato era stato anticipato nella giornata di ieri dal presidente della Federal Reserve, Jerome Powell, nel corso della conferenza stampa post meeting del FOMC di ieri.

Viste le prospettive difficili, Powell aveva cercato di rassicurare circa il prosieguo della politica ‘Dovish’ da parte della Fed. “Faremo il possibile per limitare danni duraturi all’economia: vogliamo assicurare una forte ripresa e limitare i danni”, ribadiva Powell.

Il coronavirus continua a far paura

Se nel mondo è stata superata la soglia dei 17 milioni di casi di Covid-19, secondo il conteggio della Johns Hopkins University, negli USA sono stati registrati altri 68 mila contagi e 1.270 decessi per coronavirus, con un record in Florida di 216 morti in un giorno: 150 mila i decessi totali nel Paese.

“I casi di coronavirus sono in aumento in alcune aree degli Stati Uniti e ci sono segnali che questo sta pesando sull’economia”, sottolineava Powell, avvertendo che “una piena ripresa dell’economia degli Stati Uniti è improbabile fino a quando la gente non si sentirà sicura di poter tornare alla normalità”.

“La crisi sanitaria pubblica in corso peserà pesantemente sull’attività economica, sull’occupazione e sull’inflazione nel breve termine e pone notevoli rischi per le prospettive economiche a medio termine”, sottolineava

“Il coronavirus rappresenta il più grande shock per l’economia Usa mai registrato a memoria d’uomo”, ha aggiunto Powell.

Secondo alcuni analisti, le dichiarazioni di Powell erano largamente attese dagli operatori e l’attenzione dei mercati è già rivolta al mese di settembre, quando la Fed darà una maggiore ‘forward guidance’, vale a dire indicazioni più precise sui suoi orientamenti futuri. Tuttavia è chiaro che la politica monetaria, da sola, non può risolvere tutti i problemi dell’economia Usa. E la Fed non ha mai smesso di ricordare al Congresso e ai politici l’importanza del sostegno finanziario dato dal governo federale alle famiglie e alle imprese.

*

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US economy posts its worst drop on record.

The US economy contracted at a 32.9% annual rate from April through June, its worst drop on record, the Bureau of Economic Analysis said Thursday.

Business ground to a halt during the pandemic lockdown in the spring of this year, and America plunged into its first recession in 11 years, putting an end to the longest economic expansion in US history and wiping out five years of economic gains in just a few months.

A recession is commonly defined as two consecutive quarters of declining gross domestic product — the broadest measure of the economy. Between January and March, GDP declined by an annualized rate of 5%.

But this is no ordinary recession. The combination of public health and economic crises is unprecedented, and numbers cannot fully convey the hardships millions of Americans are facing.

In April, more than 20 million American jobs vanished as businesses closed and most of the country was under stay-at-home orders. It was the biggest drop in jobs since record-keeping began more than 80 years ago. Claims for unemployment benefits skyrocketed and have still not recovered to pre-pandemic levels.

While the labor market has been rebounding since states began to reopen, bringing millions back to work, the country is still down nearly 15 million jobs since February. Next week’s July jobs report is expected to show another 2.3 million jobs added. That would bring the unemployment rate down to 10.3% — still higher than during the worst period of the financial crisis.

The worst quarter ever

The pandemic pushed the economy off a cliff. The second-quarter GDP drop was nearly four times worse than during the peak of the financial crisis, when the economy contracted at an annual rate of 8.4% in the fourth quarter of 2008.

Quarterly GDP numbers are expressed as an annualized rate. This means that the economy didn’t actually contract by one-third from the first quarter to the second. The annualized rate measures how much the economy would grow or shrink if conditions were to persist for 12 months.

Not annualized, GDP declined by 9.5% in between April and June, or by $1.8 trillion.

But by either measure, it was still the worst quarter on record.

The US only began keeping quarterly GDP records in 1947, so it’s difficult to compare the current downturn to the Great Depression. That said, in 1932 the US economy contracted 12.9%.

Earlier quarterly declines also pale in comparison to this year.

Between April and June of 1980, the economy contracted at an annual rate of 8% on the heels of rising oil prices and restrictive monetary policy to control inflation.

In the first three months of 1958, GDP declined by an annualized 10%, as production slowed and high interest rates put an end to the post-World War II expansion. The downturn followed the Asian flu pandemic of the previous year, which killed 116,000 people in the United States, according to the Center for Disease Control.

America’s small businesses are struggling

The pandemic shutdown of the past spring hardly left anyone in America untouched. Businesses sent their employees home, shops shuttered and schools closed.

Americans spent less money during the lockdown, in part because so many lost their jobs. Consumer spending, the biggest driver of the US economy, declined at an annual rate of 34.6% during the second quarter — by far the sharpest decline on record.

Now that the economy is embarking on the long and arduous road to recovery, some companies are better prepared than others. While big corporations might have diversified income streams, bigger cushions and capital markets at their finger tips, America’s small business owners are struggling.

Brian Karnofsky’s environmental consultancy, the Environmental Resource Center, survived two recessions before Covid-19 hit, but the pandemic is taking its toll and the company’s savings are drying up, he told CNN Business.

In the hard-hit hospitality sector, which lives of the face-to-face interactions that coronavirus has rendered risky, things are even harder.

Don Zelek, who owns an the 1825 Inn Bed and Breakfast in Pennsylvania, doesn’t believe things will go back to normal until spring 2021. A lack of tourists amid quarantine restrictions on travel is weighing on local economies.

“Like most, we have come to terms with the fact that this will be at least a yearlong event,” Zelek said. “Early on, I thought this may be a three-month event, silly me.”

Meanwhile, workers dependent on in-person contact, including those working in events are at a loss about how they will make it through the summer.

Many small business owners feel forgotten by the government, while larger companies have more options to make it through the crisis. And while many businesses have shifted to online sales and offerings, local, smaller companies have found the uptake didn’t help them make enough money to stay afloat.

The recovery won’t come easily

Washington has deployed trillions of dollar in monetary and fiscal stimulus to help the country through the recession. Loan programs for companies, expanded unemployment benefits and checks sent directly to many Americans were designed to get the economy back on track as quickly as possible.

Economists predict the current, third quarter of the year will witness a sharp upswing, with the Federal Reserve Bank of New York, for example, forecasting an annualized 13.3% jump between July and September.

While that would be good news, it doesn’t mean the crisis is over.

Earlier this week, the Fed extended its various lending programs through the end of the year to help business and markets functioning. The central bank’s main street lending facility that is geared at small and medium-sized companies became operational only in mid-June, three months after the lockdown began.

During Wednesday’s monetary policy update, Fed Chairman Jerome Powell once again said more needed to be done in terms of monetary and fiscal policy.

Lawmakers in Congress also agree that America needs more help. But proposals from Democrats and Republicans are more than $2 trillion apart in spending.

Clarification: An earlier version of this article failed to specify that the 32.9% contraction is measured at an annualized rate.

Usa. Occupati e Disoccupati.

Giuseppe Sandro Mela.

2020-07-30.

Lo U.S. Bureau of Labor Statistics ha rilasciato i report su occupati e disoccupati a fine di giugno, i risultati dei quali riportiamo in fotocopia.

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Gli occupati sono saliti dal minimo di 133.403 milioni di fine aprile ai 142.182 milioni di fine giugno. In tre mesi sono ritornati al lavoro 8.779 milioni di persone.

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Il tasso di disoccupazione è sceso dal massimo di aprile, 14.7% agli 11.1% di fine giugno, con un guadagno di 3.6 punti percentuali.

In valori assoluti, i disoccupati sono scesi dai 23.078 milioni di fine aprile ai 17.750 milioni di fine giugno, con un calo di 5.328 milioni di persone tornate al lavoro. Si noti come questi ultimi dati vertano persone legalmente assunte.

*

Le richieste iniziali di disoccupazione al 30 luglio erano 1.434 milioni, mentre le richieste di disoccupazione continua erano 17.018 milioni.

Messico. Pil. -17.3% QoQ, -18.9% anno su anno.

Giuseppe Sandro Mela.

2020-07-30.

Per paragone, nel secondo trimestre la Cina ha registrato un pil di +3.2% anno su anno: come se la crisi da coronavirus non ci fosse mai stata.

I paesi occidentali od occidentalizzati sono invece in piena recessione.

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Mexico’s GDP falls 17.3% in second quarter in seasonally-adjusted terms. – Reuters

Mexico’s gross domestic product (GDP) fell 17.3% in the second quarter versus the previous three month in seasonally-adjusted terms, preliminary national statistics agency data showed on Thursday.

GDP contracted by 18.9% versus a year earlier.