The world economy is recovering from the lockdown, next week’s numbers will show.
Official figures from France, Germany and Italy should show that industrial production posted second successive big monthly rises in June. Output might, however, still be well below pre-lockdown levels – although perhaps not by much in Italy.
In the US, we should see another big rise in employment. One perverse effect of this will be to reduce average weekly earnings. This is because it will be disproportionately low-paid workers who are rehired, having borne the brunt of the job losses in March and April and this will by simple maths reduce average pay.