Creative Destruction, Cautious Consumers, Global Slump: Eco Day

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

  • 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
  • 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 the comprehensive global forecast book
  • A Bloomberg News analysis shows that the data for Paycheck Protection Program loans totaling more than $521 billion released on July 6 are riddled with anomalies. Although the maximum PPP loan for a one-person enterprise is $20,833, more than 75,000 loans listing one job retained have higher amounts -- including 154 showing $1 million or more
  • 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
  • Dozens of millionaires from the U.S. and six other countries have a message for their governments in the era of Covid-19: “Tax us. Tax us. Tax us
  • 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
  • France will unveil “massive” support for youth employment this week and a new broad stimulus plan
  • The country first hit by the 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
  • 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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