04 July 2021
What this chart shows This week’s chart shows the number of passengers screened at US airports on a daily basis since the start of 2019. Most stark is of course the collapse that occurred through March and April last year, when passenger numbers fell over 96% as lockdowns took hold. After a modest bounce through summer 2020, it might be surprising to many that the number of air travel passengers has now recovered back to levels last seen before the pandemic, following a sharp pick up so far this year. Why this chart is relevant We show this chart as one indicator to highlight the rebound in economic activity that is underway as restrictions have started to ease and travel (predominantly domestic for now) has been made possible. Charts like this highlight that the US consumer (which don’t forget accounts for 70% of US GDP) is clearly ready, and has already started, to unleash pent up demand with over $2.6 trillion of excess savings built up since the onset of the pandemic. This will likely trigger an extraordinary spending boom that should prove hugely supportive for economic growth.
Source: TSA, Momentum Global Investment Management Research Date: July 2021
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