As we move into 2021, we are getting a clearer picture into the extent of the slowdown in economic activity that the resurgent Coronavirus has triggered.  Although the Google mobility indices were already indicating a sharp deterioration, the scale of the decline reported through to the turn of the year was exaggerated by holiday effects, as we noted last time.  Data through to the 8^th of January, which was released yesterday, gives us a clearer picture of how things stand.  And while it is not quite as bleak as over the Christmas and New Year period, the data still paints a fairly poor picture of global economic health.