This week’s activity data provided further evidence that supply shortages in the car sector are holding back the recovery. We expect car production to rebound this quarter as factories in Southeast Asia are reopening, but lingering chip shortages will remain a drag. As such, the onus rests on the services sector to drive the recovery for now, which is being supported by the end of curfews at bars & restaurants and should soon get an additional shot in the arm by the resumption of the Go To Travel campaign.
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