China estimate of the day

“The SpaceKnow data suggest a continued slowing in China’s economy, despite official data saying otherwise,” says Jeremy Fand, SpaceKnow’s chief executive.

Pollution data from SpaceKnow, collected via satellite by measuring things like methane and ozone over China, also suggest that activity remains depressed compared with previrus levels. That index, last updated on March 30, is unchanged from the end of February…

Regardless of why China’s activity remains lower than officially reported—whether it’s the virus, frozen demand, or a combination of factors—the point is that the country hasn’t yet begun to rebound.

Here is the full story by Lisa Beilfuss.  Given this data, as I have been arguing, we should not expect a V-shaped U.S. recovery.