Notes: Weekly new Covid-19 cases based on data from Bloomberg News and Johns Hopkins. Lockdown index from Oxford COVID-19 Government Response Tracker from zero to 100. Job postings from Indeed.com, 2020 vs 2019 % gap in trend indexed to Feb 1, 2020. Jobless claims in millions. Public Transport Use from Moovit (average of New York area, Chicago and Los Angeles). Airline passengers are nationwide weekly average. Mortgage applications are percent changes from the average of the first two weeks in January. The Dallas Fed Mobility and Engagement Index. Langer Consumer Comfort Index levels zero to 100. Store sales (month-to-date, %YoY) from Johnson Redbook Index. Restaurant bookings (%YoY) from OpenTable; Oil rigs, steel production and S&P 500 are percent changes from the average of the first two weeks in January. Truck demand is an index of relative demand for all trucking activity nationwide, from Truckstop.com. Bloomberg Financial Conditions Index measured in Z-scores relative to pre-2008 crisis levels.

Source: Bloomberg Economics