Argentina's economy extends rebound from pandemic lows

Argentina's economy continued to show early signs of recovery in June after a strict Covid-19 lockdown brought commerce to a dramatic halt by April.

Economic activity rose 7.4 percent in June from May, below economists expectations of a 10 percent monthly jump. Activity was down 12.3 percent from a year earlier, according to government data published by the INDEC national statistics bureauThursday.

It's the second straight month of improving data, though the economy is far from out of the woods. Argentina's government tightened its lockdown again in July after loosening some quarantine restrictions in June.

President Alberto Fernández also hasn't laid out a broad plan to get the economy out of a recession stretching into its third year, nor the end of a quarantine that began March 20 and currently lasts until August 30.

Argentina's economy is forecast to contract 12.5 percent ​​this year, on pace for the worst one-year decline on record, along with inflation above 40 percent and double-digit unemployment.