Google activity data through to 17th remains positive, with none of the anxiety present in markets transmitting into the real economy while all the fuss about the Delta variant also seem to be having minimal impact in the real world – a function of the hugely successful vaccine programmes that continues to rollout globally and has reached effectively full coverage in nearly all of the major economies.
Google activity data through to 10th September shows a continuing pick-up in activity, underpinned by a continuing rise in mobility. Again, leading the drive higher has been Europe, notably Germany and Spain, but France, Italy and the UK also registered decent improvements. The bounce over the last couple of weeks is really a function of the ending of the summer holidays and start of the new school year. But economic activity is also looking fairly solid too.