The focus today is on service turnover data in 2Q for the Eurozone: it fell 15.5% qoq and fell 18.8% yoy. These are truly dreadful numbers, even if they no longer actually shock us. The available data allows us to work out which Eurozone member suffered most (Spain) and which least (Germany). It also allows us to see how the Eurozone compared with the UK (the Eurozone did slightly less badly), and with the US (the hit to the Eurozone service industries was approximately double that to the US).
Over in the US, whilst the weekly jobless numbers were encouraging, there's a twist in the numbers: the number of people actually claiming benefits jumped 2.2mn on the week, almost certainly in response to the extension of the Pandemic Unemployment Assistance scheme deployed retroactively to August 1st. If you give it, they will come.
