Mobility data show modest pace of economic recovery in the US
The plunge in economic activity in the US appears to be coming to an end, according to data tracking mobility, but the pace of recovery looks to only be modest.
Mobility data from Apple and Google "continue to show a sizable pickup in driving, walking and park visits", analysts at TD Securities observe. However, data that are more indicative of economic activity show only a "more modest pickup".
This includes the "retail and recreation" category, which covers the likes of restaurants, shopping centres, theme parks, cinemas, libraries, museums and workplaces. TD also points out that applications for new businesses and mortgages have jumped.
Consumer confidence has steadied after a steep tumble and at a level that is higher than during the financial crisis even though the current unemployment rate is much higher than it was back then.
UK excess deaths during pandemic reach 62,000
England and Wales recorded another high level of coronavirus-related deaths in the week ending May 22, taking the total excess deaths in the UK to almost 62,000 since the outbreak of the pandemic.
The Office for National Statistics said on Tuesday that 12,288 deaths were registered in that week in England and Wales, 24 per cent more than normal for a week in mid-May, adding another 2,348 to the UK total excess deaths in the 10 weeks since the total rose above the past five-year average.
When data for Scotland and Northern Ireland are included, it means 61,920 more people than normal have died across the UK in the period, a rate of 929 per million, which is again the highest rate among countries with comparable data.
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