on the previous year. the recovery has been more patent in the mobility indicators, which tend mainly to reflect national movements ( such as motorway traffic ), or the indicators constructed with mobile telephony data, which include trips to workplaces, retail establishments or leisure centres, with yearon - year reductions of around 15 % in all instances. this path of partial recovery in mobility has been reflected in the high - frequency indicators of economic activity, whose year - on - year declines have progressively eased. by way of example, the fall in electricity consumption by firms is expected to have eased between the opening weeks in april and the final weeks in june by close to 20 pp, to around - 10 %. likewise, the progressive re - opening of commercial establishments deemed non - essential since early may prompted a pick - up in retail sales that month, more markedly so in the case of products whose sales were more affected during the lockdown, such as personal equipment goods, home equipment and motor fuel. this improvement in consumer spending is expected to have run into june, according to the information available on payments made using cards. throughout q2, the labour market moved on a path of recovery similar to that described for economic activity. consequently, the fall in social security registrations eased in may and, especially in june, following the heavy declines recorded in the second half of march and in april. in any event, registrations provide a partial picture of the scale of the labour market adjustment since the start of the crisis, insofar as the workers affected by furlough - like schemes ( ertes ) continue to be considered as registered, despite the fact they are not contributing to production. for a truer assessment of changes in the labour force since the onset of the crisis, regard is had to the series of registrations after having stripped out workers subject to ertes. this series, which might be dubbed “ actual registrations ”, is estimated to have shown a year - on - year decline of 22 % at end - april, with much sharper reductions in some of the services segments most affected by the restrictions on movement associated with the state of alert, such as the hospitality sector. as of late june, the annual decline in actual registrations is estimated to have eased, such that the level of actual registrations was 11. 4 % down on the figure a year earlier. should the epidemiological situation not change significantly, the recovery observed in q2 will continue over the summer and give

rise to high quarter - on - quarter growth in q3. nonetheless, interpreting this growth calls for caution, since we should not lose sight of the fact that the level of activity will continue to be significantly below that observed prior to the pandemic breaking, such that the process of recovery will be far from complete. we can thus talk of an incomplete recovery, using the first of the three adjectives i referred to at the start of my address. the conditioning factors i mention for the short - term outlook to materialise - the absence of any material changes in the course of the pandemic in spain - are no minor matter. indeed, economic developments would be adversely affected in the coming months, perhaps severely so, if the outbreaks seen in recent weeks in different territories after the easing of the restrictions on movement could not be controlled with local - level and temporary measures. accordingly, health - related uncertainties will persist for some time until effective treatment for the illness or widespread access to a vaccine against the virus are achieved. moreover, the doubts over economic developments in the coming quarters are not confined to the health area. in particular, along with the adverse impact that the social distancing measures we may have to maintain in the future may exert on activity, there is a further effect. this is more difficult to measure a priori and relates to the possible and potentially persistent changes in agents ’ behaviour in response to the “ new normal ”. these changes might include modified patterns of consumption and saving, or changes in supply chains or in certain aspects of firms ’ operations. all these considerations would warrant qualifying the current recovery as uncertain, to take the second of the adjectives i used earlier to characterise this recovery. additionally, from the standpoint of the sectors of activity, not all of them suffered on a comparable scale the consequences of the pandemic lockdown measures, as they are not equally susceptible to the imposition of social distancing measures. and the gradual startup in activity is not taking place at the same pace in the different sectors. the earlier normalisation of manufacturing and of certain services coexists alongside a slower than usual recovery in levels of activity in those other services, such as leisure and hospitality, where personal interaction is greater. here, full normalisation is not likely to be attained until we have an effective medical solution. these differences in the pace at which normal levels of activity in productive sectors are being restored allows us to characterise this recovery as uneven,