The Jump In New US Covid Cases Is "Completely Explained" By A Surge In Testing: BofA

You wouldn't know it reading the mainstream press, but in the past two months there has been a remarkable improvement in the covid pandemic in the US. Here are just two quick observations from the latest daily note by BofA's Hans Mikkelsen.

With the number of people in the US hospitalized with Covid-19 down 52% in 59 days since the recent peak on July 23rd, the count is now nearly back local lows from mid-June.

Meanwhile, even as the 17% increase in daily new cases over the past week (7-day average) is getting a lot of attention, this can be explained completely by more testing as the number of daily new tests is up 23% over the past week (7-day average). Another indication that the US is slowly winning the fight against the pandemic, the Covid-19 test positivity rate declined 0.2% to 4.6% over the past week (7-day average), the lowest in more than three months.