JOLTS, Services, Rails, Eurozone GDP

Note the yellow line, job openings, which peaked with the tariffs and then full further with covid:

The non manufacturing index peaked with the implementation of the tariffs, well before covid hit. And employment growth is still negative:

Same with rails- turned down with the tariffs well before covid, and then went lower:

“The European Commission lowered its GDP forecasts for 2020 and 2021, saying that the lifting of COVID-19 lockdown measures in some countries was proceeding less swiftly than it had initially predicted. The EU executive said the bloc would shrink by a record 8.7 percent this year, before rebounding by 6.1 percent in 2021, compared with early May estimates of a 7.7 percent contraction in 2020 and a 6.3 percent recovery next year.”