Knoema | Alternative Data US Economic Activity Index

(07 July 2021) According to Knoema's Alternative Data US Economic Activity Composite Index—which combines information from the six alternative data indicators displayed below along with the S&P 500 Index—the US recovery stalled in May 2021, not long after $1,400 stimulus checks had been delivered to eligible adults under the third round of federal stimulus aid. As of late June 2021, US economic activity remained about 5 percent lower than it had been in early March of 2021.

• Credit card spending data and the number of passengers screens by TSA point to a complete recovery in consumer activity. However, the struggling small business sector suggests that the US economy still has a ways to go before reaching full recovery. According to data from Womply, the number of US small businesses open has been on the decline since June 2020; It is currently about 40% lower than the number of small businesses active before the pandemic.
• Mobility data from Google also suggests recovery is underway but not yet complete, with US retail and recreation movement nearing pre-pandemic levels but movement to and from workplaces still lagging far behind.