Cautious Consumers, ECB Stimulus, China GDP Watch: Eco Day

(Bloomberg) -- Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the week:

• Consumers across 26 countries are concerned about their jobs and household budgets, and they’re cautious about spending or investing the money they do have, according to a new YouGov survey.
• Bloomberg Economics is dropping its estimate for global growth in 2020 to -4.7%, the lowest on record since World War II. Click here for Bloomberg Economics’ comprehensive global forecast book.
• When the European Central Bank meets this week to review its radical suite of measures to revive the economy, there’s one tool it insists it’ll stay away from: yield curve control.
• Australia’s effective unemployment rate that also includes people who have opted against searching for work as the economy contracts is almost double the official jobless level, Treasurer Josh Frydenberg said.
• The country first hit by the coronavirus pandemic will this week have a clearer picture of its progress on nursing the economy back to health. China reports second-quarter GDP on Thursday, along with readings for industrial output and retail sales. Bloomberg Economics forecast more than 3% growth.
• The U.S. recovery from the coronavirus-induced recession is leveling off and showing signs of faltering only two months into the rebound, a series of real-time economic indicators show
• The U.S. is usually better than Europe at reshaping its economy after recessions, partly because it’s easier for American entrepreneurs to streamline their business. In the coronavirus crisis, that advantage isn’t immediately apparent
• Businesses and unions are pushing the world’s richest countries to extend the suspension of debt payments for poor nations to April 2022 from the end of the year, while also expanding the initiative to cover more nations.

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With assistance from Bloomberg