The US economy has stalled, virus cases are surging, a fiscal cliff looms, and the consumer remains severely damaged – all suggesting the shape of the recovery is anything but a “V.”
Citing real-time data from several technology firms, Bloomberg piecemeals a report that shows the largest metropolitan economy in the US, in terms of GDP, that is New York City, has had a muted recovery.
Real-time data from Moovit App Global Ltd. shows residents of the Big Apple rode fewer buses, bicycles, and trains this week, with public transportation demand at 55% below pre-COVID-19 levels, and worse than last week (53%) as people stay home thanks to rising virus cases.
When it comes to restaurant data via OpenTable Inc., the numbers are stunning, seated diners in New York City are still 94% lower than a year ago. The revival of the restaurant industry was put on hold last week when city officials delayed the return of indoor dining due to surging virus cases.
When it comes to congestion, the TomTom Traffic Index shows city streets at peak traffic on Wednesday afternoon were at 37% at 5 pm from 32% a week earlier. Last year’s level was 72%.
Apple mobility trends show driving has recovered to baseline – though walking and transit remain well under averages.
For more color on the muted recovery in New York City – here’s a live shot (July 9, 11:21 ET) of Times Square and Broadway. It’s like a ghost town:
Times Square
Broadway
So about that V-shaped recovery?