This Week's State Of The Economy - What Is Ahead? - 23 September 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Sep 22, 2020

This Week's State Of The Economy - What Is Ahead? - 23 September 2020

Global Mobility Report

 

Key takeaways from this week (Google data through September 13, Apple data through September 21) 

  • European activity is surging. Germany and Italy are leading the way, but France is close behind despite an ongoing rise in cases. The Google data are a bit outdated, but are hard to reconcile with today’s weak Eurozone services PMI figures. Still, the data are an encouraging sign for Europe’s recovery.
  • The U.S. Labor Day boost has faded. Retail and recreation visits have stalled and are turning lower, and Apple data suggest a similar pattern. The slowdown is broadly based across the largest U.S. states.
  • Korea is rebounding from the lows, while the United Kingdom languishes. Korea eased some restrictions on activity in Seoul earlier this month after new case growth lessened, which may have helped the turnaround. Still, Korea remains near the bottom of the pack in the all-important retail and recreation category, along with the United Kingdom. U.K. PM Boris Johnson’s announcement this week that more restrictions would be placed on bars, restaurants and other activities should keep U.K. activity restrained.
  • Workplace mobility remains subdued across the board. Major European economies have seen some rebound, but it is slowing, and other countries are seeing flat or weakening workplace visits. U.K. workplace activity is likely to slow even further after PM Johnson encouraged more working from home. 



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