Alternative Data Show U.S. Recovery Gaining, Europe Fading

After the economic recovery gained traction in the latter half of September, activity weakened in the second week of October, particularly in European countries and Canada, according to Bloomberg Economics gauges that integrate high-frequency data such as credit-card use, travel and location information. Following concerns about renewed outbreaks amid strong rises in Covid-19 cases, activity in Germany, France, Spain and Italy has leveled off. In contrast, after a long period of stagnation, the U.S. is now increasingly catching up to European peers