Eurozone | Recovery Tracker slows to a crawl heading into winter

Our eurozone Recovery Tracker recorded a small increase over the two weeks ended October 24, rising 0.3pts to 88.0, just shy of its post-pandemic high. The gain was driven by improvement in financial conditions and production; but, worryingly, the health situation is deteriorating again.

What you will learn:

• The glass-half-full view says that the recovery is on a solid footing and activity has reached close to pre-pandemic levels.
• The glass-half-empty view would counter that the recovery momentum has clearly faded in Q4 and the current stage of the recovery will be much slower and difficult as the easy gains have been exhausted.
• Our assessment is a synthesis of the two views.