The last mile of the recovery is also the hardest

At the time of the epidemic wave in the spring, activity levels in the US plunged almost immediately by 20% owing to the lockdown measures. Over the last four months, the level has recovered by 20%. Obviously -20% and then +20% do not bring us back to the starting point, but four points short. These will not be the easiest ones to win back. The recovery in those sectors involving close contact between people is slow going and at the mercy of the health situation. The general clim...