By Zoe Schneeweiss and Vince GolleThe Federal Reserve and several other central banks swung into action this week with rate cuts aimed at mollifying the economic fallout from the coronavirus.Amid the whipsaw in financial markets, US jobs figures showed an economy with plenty of juice prior to a heightening of concerns about the virus.
While Chinas economy is beginning to stir again, data on coal consumption show production is still fragile.Heres some of the charts that appeared on Bloomberg this week, offering a pictorial insight into the latest developments in the global economy.US Global Easing in 2020The Fed delivered an emergency half-percentage point interest-rate cut on Tuesday, becoming the first central bank from a Group of Seven economy to lower borrowing costs this year.
The central banks of Canada and Australia also reduced rates.US economy added 273,000 jobs in February despite the coronavirusEmployment surged in February, showing the economy was on especially solid footing before the spread of the coronavirus intensified.
Payrolls rose 273,000 for a second straight month, while the unemployment rate slipped back to a half-century low of 3.5 per cent .Asia demand still lowEconomists searching for clues on how fast the worlds second-largest economy is getting back on its feet are starting to generate a new must-watch number: The resumption rate.One of Chinas most ambitious undertakings has become a corridor to nowhere: A planned $62 billion project in Pakistan has been beset by delays and a lack of funding -- more signs of trouble for President Xi Jinpings signature Belt and Road Initiative.EuropeWomen in WorkItalys decision to close all schools until March 15 threatens a childcare crisis for some parents of the 3.3 million pre- and primary-school pupils stuck at home during the day.
Yet, with fewer than 40 per cent of working-age women participating in the countrys labor market -- the lowest level of any European Union country -- the problem of who can mind the kids wont be quite as acute as it would otherwise be.Tax BreaksTheres no full-scale attack of wealth coming, but the UKs myriad tax breaks -- some of which mainly benefit the rich -- could be targeted in next weeks budget by a government that needs every penny to fund the biggest spending spree in years.
Britain has more than 1,100 reliefs that cost more than 400 billion pounds ($517 billion) a year -- the equivalent of half of all government spending.Emerging MarketsFood FightA fresh standoff between Vladimir Putin and Recep Tayyip Erdogan isnt just testing the fragile alliance that has allowed Russia and Turkey to work together in the Middle East, but also threatening the two countries deeply entrenched economic ties.
Turkish farmers were the biggest losers of the last trade in 2016 spat as Putin used a ban on fruit and vegetables to help domestic businesses investing in food production.Uneven RecoveryBrazils polemic president capped off his first year in office falling short on promises to crank up growth in Latin Americas largest economy.
The big question now, as global headwinds intensify, is whether he missed his window.WorldCentral Bank BossesChristine Lagardes appointment to lead the European Central Bank was a landmark event in improving gender diversity in economic policy making, but global central banks still have a long way to go: Just 14 are female-led, representing less than a third of the world economy.