A couple of examples: many businesses reliant on tourist seasons will not have begun to feel the pinch until very recently, and will lag behind others in showing up in the reporting for most indicators.
In the UK, the government furlough scheme means that the true picture of joblessness will only become apparent once people are removed from furlough and laid off.
It seems to me (not an economist) that Q4 will be extraordinarily difficult and it's hard to see optimism for a pan-European recovery beginning until Q2 2021.
The US is in a significantly worse position and many seem to expect states to continue with severe restrictions to simply prevent the further spread of the virus until the summer of next year, let alone beginning an economic recovery.