Friday’s jobs report was dismal enough but it almost certainly understated the number of jobs lost and the unemployment rate by significant amounts
— Our Emilio Casalicchio in London: “Boris Johnson set out a ‘careful’ plan … to end the coronavirus lockdown in England, with the first minor changes taking effect this week.
— AP’s Kevin Freking: “Some of … Trump’s top economic advisers emphasized on Sunday the importance of states getting more businesses and offices open even as the pandemic makes its way to the White House complex, forcing three members of the administration’s coronavirus task force into self-quarantine. The president and governors who will decide when to reopen their states are facing competing pressures.
“Economists say there is likely to be a big difference between a downturn that is the worst since the Depression and conditions as bad as the Depression. ‘I don’t find comparing the current downturn with the Great Depression to be very helpful,’ said former Federal Reserve Chairman Ben Bernanke, who has studied that 1930s era. ‘The expected duration is much less, and the causes are very different.
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