The European economy shrank by 3.8% in the first quarter as business activity screeched to a halt in order to slow the spread of the coronavirus.
The European economy shrank by a record 3.8% in the first quarter as business activity — from hotels and restaurants to construction and manufacturing — was frozen by shutdowns aimed at preventing the spread of the coronavirus.was the biggest since statistics began being collected in 1995 and sharper than the plunge in the midst of the global financial crisis in the first quarter of 2009, after the bankruptcy of U.S. investment bank Lehman Brothers.
Unemployment rose only slightly, however, even amid the massive shutdowns that idled everything from florists to factories. The jobless figure rose to 7.4% in March from 7.3% in February, statistics agency Eurostat said Thursday. Millions of workers are being supported by temporary short-hours programs under which governments pay most of their salaries in return for companies agreeing not to lay people off.
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