Consumers in the eurozone are flocking back to bars and restaurants, booking holidays and travelling to work again, according to unofficial data that suggest pre-pandemic patterns of economic activity are re-emerging.
The use of public transport and journeys to workplaces have hit their highest levels since early last year in many countries, according to high-frequency data. The alternative indicators have become widely watched since the start of the pandemic because they offer a more timely gauge of activity, although they are less comprehensive and reliable than official data.
“We’re going back to a form of normality very quickly now,” said Bert Colijn, economist at ING. Several measures of activity are already outperforming their levels last summer, he added: “This fuels expectations of a quick economic rebound.”
Most EU member states are reopening their economies as the virus retreats, boosting households’ confidence. Coronavirus infections have fallen rapidly since May and about half of the EU population have received at least one dose of a Covid-19 vaccine, although concerns are growing about the spread of the