What real-time indicators suggest about Omicron’s economic impact
Jan 1st 2022
WHAT IS THE economic impact of Omicron? The latest variant of the coronavirus has let rip at such a ferocious pace that forecasters are still catching their breath, and it will be some time before its economic effects become apparent in the official data, which are published with a lag. But a number of speedier, albeit partial, indicators can provide some insight into how consumers and workers may be adjusting their behaviour.
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Consider first people’s willingness to go out and about. A mobility index using real-time data from Google and constructed by The Economist includes visits to workplaces, retail and recreation sites, and transport hubs. This measure has been reasonably stable in America, albeit at levels below pre-pandemic norms, and has fallen a little in Britain and Germany in recent days. But…
