Consumption recovers: What real time indicators say #9

Last week , we saw, through the mobility index and the reduction of time spent on leisure platforms, that activity was gradually recovering in all countries. Retail sales, electricity consumption and pollution indices also need to be looked at closely to measure the extent of the recovery: After falling heavily in April (-19.2% in France, -6.6% in Germany, -18.9% in Spain), retail sales rebounded in Europe with monthly increases of +36.6% in France, + 14.4% in Germany and +18.9% in Spain in May 2020. As stores are now open and accessible, households are gradually returning to their usual consumption patterns. Electricity consumption is increasing significantly in all countries but remains below its 2019 level in France partly due to higher temperatures. Pollution remains below previous year levels in most European cities. Air travel is still sharply reduced to 50% of its pre-crisis level.