France – And now, back to work!

Since 11 May, the French economy has been picking up. According to high-frequency data as of mid-June, production is now only 12% below its pre-crisis level, with household spending at 5%. At the trough in April, the decline was one-third. The rebound is very vigorous, largely dictated by health conditions. Now that the wave of the pandemic has passed, economic data will probably surprise on the upside in the short term, unless there is a sudden second wave. However, the shock sh...