Today concentrates on what the labour market data from the US and Europe is telling us about how bad things are as we come out of the worst impact of coronavirus.
Unemployment is counted differently in the US and Europe, and we have to consider Europe's various furlough schemes to get an idea of what is really happening.
In the US, by contrast, the data is pretty explicit about the extent of the problems, but June's data was already beginning to show the a solid return of people to the labour markets, with rising labour participation rates which will limit the extent of the dreaded 'economic scarring' to come.
