Alternative Indicators Show Recovery Stalling, U.S. Still Laggard

Following signs of a downturn in previous weeks, the latest readings show activity stabilizing across most advanced economies, though still some way from pre-Covid levels, according to Bloomberg Economics gauges that integrate high-frequency data such as credit-card use, travel and location information. Germany and Japan remain at the forefront of the recovery, while activity in France, Italy and Spain has edged down slightly on concern about fresh outbreaks, and the U.K., Canada and the U.S. remain laggards. With activity at just two-thirds of pre-virus levels, the U.S. is the worst performing of the advanced economies BE is tracking.