Car Manufacturing Holds at 60% as Staple Industrials Plateau

The recovery of Key Industrials across Europe appears to have plateaued in the last three weeks, as high-frequency geo-data shows that following a sharp rise at the end of June, footfall to manufacturing plants has held at around 65% of pre-lockdown levels.

According to Huq’s ‘Key Industries Indicator’, which measures the number of employees attending workplaces across a range of sectors, Defence, Chemicals and Biotechnology continue to be the busiest in comparison to pre-lockdown levels (all around 65% in the last few days). Defence reached almost 90% of pre-levels around 10 July but has since come down again.

However, the lines between traditionally discretionary and staple sectors continues to become blurred with Automotive manufacturing holding at around 60% of January levels. The end of June saw Automotive manufacturing make something of a comeback and it now appears to have moved away from more discretionary sectors including Food and Aerospace, which remain more subdued (around 45% and 40% respectively). Interestingly, Automotive is now closely in line with Biotechnology.

With other indicators showing similar green shoots of recovery, further analysis of geo-data in the coming weeks will show the potential impact of new local lockdowns.

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