The COVID-19 outbreak has widened considerably since the previous update, prompting severe lockdowns in major European states like Spain and France. According to data compiled by John Hopkins University, countries with the largest outbreaks are as follows: China (81,155 cases), Italy (35,713), Iran (18,407), Spain (17,395), Germany (13,979), France (9,058), and South Korea (8,565). China and the United States are now moving in opposite directions. Today, Hubei reported no new cases for the first time since the virus appeared. The United States on the other hand has seen its infections spike past the 10,000 mark, doubling over the past two days, which is significantly higher than the 1,039 cases recorded last week.

Lockdowns continue to deepen and multiply on every continent. Many now believe a global recession is imminent, and some have even gone so far as to invoke the possibility of a depression. Here are some of the significant economic developments from the past week:

• US equity markets continue to reel from the growing case load in the United States. The Dow Jones Industrial Average is down about 10% since March 11 at time of writing, as is the S&P 500, which has shed about 18% over the same span (both are posting modest gains on the day). To describe recent trading sessions as ‘volatile’ would be a serious understatement; in the United States, and elsewhere, ‘limit down’ circuit breaker triggers are becoming the norm amid a near constant deluge of bad news regarding COVID-19.
• Stimulus measures have been unveiled throughout the world over the past week. US monetary and fiscal measures were covered on the website earlier this week, as were the European Union’s most recent efforts to calm markets.
• The economic impact of COVID-19 on China is markedly more severe than generally assumed. By some estimates, the Chinese economy contracted 13% over the first two months of the year. For more, refer to our article from earlier this week.
• The impact of COVID-19 on US labor markets is starting to become clear, and the news is predictably horrible. Jobless claims have already surged to heights last seen in the Great Recession. Some 281,000 new unemployment claims were made last week, up 70,000 from the previous week. That’s higher than any weekly jump during the entirety of the 2008-2009 fiscal crisis and its aftermath. Early indications suggest that this number will rise even further next week. Elsewhere, the International Labor Organization (ILO) has warned that as many as 25 million jobs could be lost worldwide due to the COVID-19 pandemic.