Independent Strategy

Macro Matters

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Independent Strategy Blog: Macro Matters

On a global basis the latest Google activity figures (to 15th May) show a further modest improvement in the recovery rate, maintaining the solid uptrend we’ve seen since the start of the year.  Obviously we’ve seen setbacks in certain places, the most extreme case being India, but this hasn’t been enough to move the global needle.

Google mobility data continues to paint an improving picture, with mobility and economic activity nudging higher again over the past week.  And the breadth of improvement is encouraging too. There was a solid increase across Europe in particular, driven by Germany but France, Italy, Spain and the UK also moved positively.  Developed Asia also fared well.  There was a modest dip in Australia amid some short-term localised lockdowns, but the damage from pre-Covid levels is far milder here anyway.

Vaccination doses administered continue to rise by more than 30% a week. But still less than 10% of the population of rich countries have received a shot and less than 2% globally. The US and UK  lead with 13% and 19% with the EU at 4% of people having had at least one shot. People who have been completely inoculated are still low — less than 2% globally — 1% in the EU, 0.75% in the UK and 2.77% in the US.

Vaccinations have continued to rise exponentially up 50% between Jan 17 and Jan 23 from 40.6mn to 61.1mn.  2% of Europe's population (UK 9.3%) and 5.8% of the US's have received one vaccine dose.  For Asia the figure is 0.5% and China 1.04%. The number of fully vaccinated people has risen globally from 2.7mn to 4.9mn.  In Europe the % of the population fully vaccinated is 0.11% (UK 0.69%) and in the US 0.84%.

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