A man walks in front of the European Central Bank in Frankfurt, Germany. (AP photo)The European economy shrank by a record 3.8 percent 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. The drop compares to a 4.8 percent contraction in the U.S. during the first quarter as the shock from the outbreak hits economies around the world. Unemployment rose only slightly, however, even amid the massive shutdowns that idled everything from florists to factories. U.S. unemployment rose to 4.4 percent in March from 3.5 percent in February, though the eventual picture is likely far worse.

Source: The Standard April 30, 2020 09:22 UTC