The Omicron drag is still clearly present but the Google activity data through to 16th January paints a more encouraging picture than some had feared as this wave began in late November/early December. Indeed, the mildness of the disease, alongside its rapid spread seems to have front loaded the hit to activity, which bodes well for a continuing recovery over the next few weeks.
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Google activity data has been updated through to the 3rd January 2022 giving us a complete picture as to what happened over the holiday period. A large drawdown in activity was expected given the lengthy closures we see at this time of year, but the rapid spread of Omicron has added a further dimension to this more normal seasonality. And the impact of that looks pretty severe.
Google activity data has been updated through to the 12th December and while there hasn’t been any significant reversal, there look to be some signs at the margin that Omicron is starting to drag. This comes from both the impact the strain is having on case numbers and confidence as well as the impact of more precautionary restrictions are having on activity to try and slow the spread.
