European economic rebound slows as virus cases rise The European economy’s rebound from coronavirus lockdowns slowed in August, suggesting the reopening of businesses is proceeding slowly and the outlook for jobs is precariousLONDON -- The European economy's rebound from the coronavirus recession slowed in August, as a pick up in new confirmed cases appeared to hobble the reopening of some businesses and travel from their near-complete shutdown in the spring. The economy's drop in momentum coincides with an increase in virus cases in some European countries that is forcing governments to put limits on travel again and to reimpose new lockdown restrictions on some communities. Airlines have said the trend has hurt a recovery in travel in Europe as the news saps consumer confidence. Companies are cutting jobs for a sixth consecutive month, though not by as much as in April, with layoffs biggest in the manufacturing sector. Experts say the outlook for the economy is closely tied to the number of reported coronavirus cases and whether a second wave of outbreaks will keep schools from reopening and restrict shops, restaurants and other businesses from operating.

Source: ABC News August 21, 2020 09:46 UTC