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.
Easing financial conditions offer CRE some respite
Our measure of financial conditions has become less restrictive in the US and started to loosen in the eurozone and the UK, reflecting investors' expectations that interest rates have peaked. This should aid the outlook for commercial real estate (CRE) on the margins, although the scale of past rate hikes, sluggish economies, and structural headwinds mean the sector still confronts challenging fundamentals.Find Out More
Eurozone key themes 2024 – A fragile recovery will gain impulse
After a year of stagnating activity, the eurozone economy will continue to struggle to gain traction in the near term given multiple headwinds. But we expect a gradual recovery in 2024 that will gather momentum as consumers regain some of their lost purchasing power and financial conditions ease.Find Out More