FT News Briefing US stimulus setback, tracking Covid-19 indicators
Mar 23, 2020
US lawmakers are grappling with a nearly $2 trillion stimulus package as the pandemic wreaks havoc. Meanwhile, alternative economic indicators, like restaurant bookings and traffic patterns, offer insights into real-time activity amidst traditional statistics. Additionally, the tension in Occidental Petroleum's boardroom unfolds as CEO Vicki Hollub faces pressure from activist investor Carl Icahn, all while navigating the challenges of declining oil prices and corporate strategy.
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Real-Time Economic Tracking
- Official economic data is often delayed, making it hard to assess the real-time impact of crises like the coronavirus outbreak.
- Alternative high-frequency measures, like restaurant booking data, offer more immediate insights into economic activity.
Restaurant Booking Decline
- Restaurant bookings have dropped by 100% in many countries, including the UK, US, Canada, and Germany.
- This data, from OpenTable, reveals the impact of both government lockdowns and voluntary social distancing.
Traffic Patterns and Work Habits
- Rush hour traffic patterns, as tracked by TomTom, reveal varying responses to the pandemic.
- While New York City saw flattened rush hour peaks, indicating increased work-from-home practices, London's traffic remained largely unaffected until recently.