This publication summarises intelligence gathered by the Bank’s Agents between mid-April and early June. The Agents’ scores published alongside this document are based on information gathered between mid-April and late May, and they generally represent activity over the past three months compared with a year ago.
During the early stages of the pandemic in 2020, economic activity fell at an unprecedented pace, reflected in some Agents’ scores moving to the low extremes of their range, where scores can be consistent with a wide range of quantitative outcomes.
More recently, economic activity has recovered as social distancing restrictions have been lifted. Because most of the Agents’ scores compare the past three months with a year ago – when restrictions meant activity was at very low levels – this has resulted in a sharp rebound in some of the scores to the upper extremes of their range.