Ed Conway Profile picture
Sep 30, 2020 16 tweets 7 min read Read on X
One problem with using #COVID19 trajectories to work out where we may be heading is question marks over the data - something illustrated brilliantly by this chart via @AlexSelbyB. Official case numbers look v v high now, but we weren't measuring cases v well back in spring. Image
Upshot is charts of cases alone are of limited use - and this is before you get to questions about whether the testing figs are reliable. We could look at positive tests as % of total (chart 2). It adjusts for fact we're doing more testing. But is that early data reliable? ImageImage
The best measure of #COVID19 prevalence in England is prob the @ONS infection survey but again: it started after the peak. And right now what we REALLY need to gauge is not post peak but the run up to the peak Image
The great unknown (and there are theories abt this but not much data) is whether the bit BEFORE the data we have on cases/positivity looked anything like what we are going through NOW. To me - someone watching this purely through a data prism - this seems really, really important Image
Now, eventually we will know because the early data on deaths are far more reliable (for all their faults) than the case data. The problem is by the time we notice we're on the same path it will almost certainly be too late. So we certainly shouldn't just focus on deaths.
What about hospitalisations data? Again, a bit patchy since there's a big gap at that start which begs the same question again: what was happening in those early weeks? Is it similar to what we're going through now or v different? Image
All of these unsettling gaps are why it's also worth looking not just at our own past but at our plausible future. This is why we focused so much on Spanish/Italian trajectories last time around. The disease seems to spread in the same way in most medium-sized countries.
Sadly last time around the most reliable cross-country comparisons were of deaths because of those 👆data gaps. This time around the case data is better (not brilliant, but better), so we can compare our trajectory to other countries going through similar outbreaks. Image
All of which is a long winded way of explaining why I keep updating this chart. And why I was a bit sceptical about @uksciencechief's chart last week suggesting the UK outbreak could go in a v different direction. From early on in this outbreak we've been following France/Spain Image
If this continues - and it's a big if, but it is what happened in the last outbreak and seems to be happening thus far this time too - we can potentially look at other data from France/Spain to try to fill in those gaps in the cases/hospitalisations charts above...
So far the paths they're following in France/Spain look different to spring. Look at hospitalisations. Crucially, these data should be more reliable at depicting those intense spring months than case data. And the increase in recent weeks is more gradual than Feb/March Image
Here's ICU admissions. Similar picture. Now I don't think these charts alone fill in the gaps we have in that early data yet. But in a few weeks they might have. If they start to spike then it looks probable UK will too. If they don't then UK may not. Image
Early signs are broadly promising: the 7day average daily new cases in France and Spain is no longer rising and has actually fallen a bit in the past day or two. In Spain the % of positive tests also seems to have peaked. Then again it's still rising fast in France Image
It's too early to be certain this is not a repeat of the first wave. But much of the data thus far seems to be consistent with that. Why? Restrictions? Mask wearing? Better treatments? Better shielding? Or way too early to say? My vote is def for the latter...
Most striking thing from today's press conference? @CMO_England admitting the govt underestimated the doubling time of #COVID19 in the first wave. It's true. And I'd argue it was in part because they paid too little attention to what was happening in Italy/Spain/France.
The next question is whether the response to having messed up last time is to swing entirely in the other direction (assume cases are heading through the roof) or to pay more attention to European epidemiology. I'd argue the latter - as I lay out in the thread above. 👆

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More from @EdConwaySky

Jun 18
🧵Some thoughts re inflation.
Not the data today, but two deep issues we should prob spend more time thinking about.
1. While economists and policymakers may have convinced themselves that the cost of living squeeze is over, for millions of households, it doesn't feel that way.
The key thing to remember here is that when economists talk about inflation what they're really talking about is the ANNUAL RATE at which a basket of goods and services changes price. And certainly, that rate is much lower than the 2022 peaks... Image
But, as I say, what that number is is simply looking at the difference in the LEVEL of prices over the past year. This chart is that level. (The actual consumer price index!).
And yes, look over the year to May and it's up 3.4%. Image
Read 9 tweets
Jun 12
🧵Why, barely 24 hours after the Spending Review, is everyone already going on about tax rises?
Are they REALLY coming?
Or is this an "incoherent argument", as one leading minister calls it?
Well here's a thread explaining what's really going on here.
Bear with me...
First things first.
Key thing to remember is that the main job of HMT is to generate enough money, mostly via taxes (left hand bar here), to finance all its spending (right hand bar).
If that left hand bar isn't high enough, we have to borrow to fill the gap.
That's the deficit! Image
This week's Spending Review was about the right hand column, obvs. But not ALL of the column.
Actually more than half of govt spending is on stuff that WASN'T covered by the spending review - on benefits, debt interest, pensions etc. It's called "annually managed expenditure"Image
Read 17 tweets
May 28
🧵
You may recall a spate of stories a few years ago about appalling working conditions & abysmally low pay in Leicester's clothes factories.
The hope was those stories would shame businesses into improving working conditions.
But here's what ACTUALLY happened next...
👇
Instead of staying in Leicester, most brands abandoned it & shifted production to N Africa & S Asia.
Today Britain's biggest centre of textile & apparel manufacture is battling the threat of extinction.
It's a mostly untold economic story we've spent recent months documenting Image
Once upon a time Leicester was the beating heart of UK clothes manufacturing.
The city was dotted with factories making clothes for big name brands.
Now, according to one estimate, the number of clothes factories has dropped from 1500 in 2017 to under 100 this year. A 95% fall. Image
Read 15 tweets
May 8
How big a deal is the new trade agreement unveiled between the US and the UK? Here are some initial thoughts.
Start with this: this is total UK exports to the US over the past 5yrs: £273bn. Right now most of this will face a 10% tariff. Some things (eg cars) face 25% extra Image
Let's break down that total. The biggest chunk is cars. Just under £30bn. That's covered under the agreement. So too are steel/aluminium exports. Much smaller at £2.7bn...
These sectors will benefit from special deals (though much of the detail still remains vague). Image
Image
Rolls Royce will apparently get tariff free access for its jet engines. That mostly helps Boeing, but also Rolls Royce. Jet engines comprise a surprisingly large chunk of UK exports to the US, about £17.3bn. So let's shade that red too... Image
Read 9 tweets
Mar 27
🚨
The Chinese owners of British Steel say they are now considering shutting their blast furnaces and end steelmaking at Scunthorpe in early June - only a few months away.
It would mean an end of virgin steelmaking in the country that invented it during the industrial revolution
British Steel say the main question now is timing: whether the operations will close in June, in September or later.
It says tariffs are one of the reasons the blast furnaces are "no longer financially sustainable".
Press release 👇 Image
The news means @jreynoldsMP faces two interlocking crises in the coming months:
1. The imposition of US tariffs on an ever growing segment of British exports
2. The end of virgin steelmaking (the UK would be the first G7 country to face this watershed moment).
This is big stuff
Read 5 tweets
Mar 25
Donald Trump just announced 25% tariffs on anyone importing oil from Venezuela.
This is odd.
Because the country importing the most crude from Venezuela is... the US.
Capital Economics chart of Ven oil exports by Capital Economics via @rbrtrmstrng
But it raises a bigger point
🧵 Image
Why does the US import so much oil from Venezuela?
Mainly for the same reason it imports so much oil from Canada.
And no it's not just because they're close.
It's because most US refineries are set up to refine the kind of oil they have in Venezuela and Canada.
To understand this it helps to recall that crude oil is actually a broad term. There are LOTS of different varieties of crude - a function of the geology of where the oil formed and the organic ingredients that went into it millions of years ago.
It's called "crude" for a reason
Read 14 tweets

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