US | Recovery Tracker kicks off October on an optimistic note
The US Recovery Tracker slipped to 97.5 in the week ended October 1, down 0.6pts from its post-pandemic high in the previous week. Nonetheless, economic momentum remains buoyant, with four out of the Tracker’s six subcomponents above their pre-pandemic levels.
What you will learn:
- While mobility hit a fresh pandemic high and demand continued to be robust, financial conditions tightened sharply, pulling the headline index lower.
- Regional recoveries ended Q3 on a mixed note with solid gains in the South and a Midwest slump. Florida and Georgia strengthened most among the largest states while California and Texas moved sideways, and New York slid back.
- New Covid cases are currently at their lowest levels in over two months, and vaccinations have picked up to 840k daily doses.
Big shifts are underway in Russia-China trade
Data for Q3 on the volume of China's imports of crude from Russia show a drop against the June level. Rather than an indication that China's demand has peaked, this may be a sign that China is preparing for the Russian oil price cap recently agreed by G7 by shifting some of its purchases to the grey market.Find Out More
Levelling up is unlikely under the Liz Truss government
The government's levelling up ambition has probably been made more, not less, difficult by the new "Plan for Growth". Policies of lower taxes, less regulation, and a smaller state are unlikely to have much beneficial impact on long-term growth at the national level, let alone in those regions with long track records of underperformance.Find Out More