The NIBRI comprises Google mobility indices, driving mobility from Apple, power demand, and the labour force participation rate. The NIBRI series considers February 23, 2020, as the base for all the series, and subsequent data entries have been indexed to it.
Earlier in the first lockdown, it had started falling even before imposing the March 25 lockdown in 2020 NIBRI was at 82.9 in the week ending March 22, 2020 – crashed to an all-time low of 44 in the week ending April 26, 2020; and then recovered gradually to reach 99.3 in the week ending February 21, 2021.
During the second wave, a surge in infections triggered again a sharp fall in NIBRI. It fell to 60.3 in the week ending May 23. But as infections came down and restrictions were eased, NIBRI had made a V-shaped recovery, gained 40.9 points in just 12 weeks, and crossed the 100 mark in August.
Now again in COVID 3.0 index fell sharply to 109.9 for the week ending Jan 9, 2022, from the previous week's high 120.3 almost 10 percent fall in just a week.
The drop was largely due to falling in Apple Driving Index with 50 pp and Google Retail & Recreation Mobility Index by 5.6 pp while workplace mobility fell by 0.7 pp respectively.
I just want to highlight one point 40.9 points in 12-week recovery and 10 pp fall in just 1 week. Is it alarming for something in Q4 data & GDP estimates?
Happy Reading....!!!
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