The US Recovery Tracker fell sharply in late November as news of the Omicron variant hit financial markets, exacerbating the typical seasonal Thanksgiving holiday drag. Demand was the only dimension that strengthened as the tracker fell 3.1ppts in the week ended Nov. 26, to 96.6, its lowest level since September.
We believe 50% of the decline reflects a seasonal drag that has since been undone, while another 30% has been reversed by the equity market rebound following the Nov. 26 plunge.
What you will learn:
Topics: United States, Coronavirus, Recovery Tracker, US economy, North America, Economic recovery