Ann: Appendix 4C and Business Activity Report, page-20

Am a big fan of this product - what sticks out to me from this 4C is the drop in cash receipts. It would be interesting to note if this is seasonal eg due to Christmas / New Years closures - delay in invoicing by the co or delay in payments by closed companies or whether it is indicative of issues in the US system due to Covid impacting the economy there. On a macro level we are hearing that huge sums of money are being pushed through the system - trillions in aid - but as a practical matter It’s not readily apparent of how the aid is being distributed