New Delhi, July 28 -- Economic activity picked up nearly as swiftly in June as it had shrunk in May, when covid restrictions were at their peak. As states exited lockdowns, high-frequency indicators promptly returned to April levels, making the economic hit of the latest wave far less enduring than last year's, suggests the latest update to Mint's monthly macro tracker.

Nine of the 16 indicators considered in the tracker were in the red, or below their five-year average trend, in June. Three were in green, or above that trend, while the rest were in line with it. In May, 12 indicators had fallen into red-the worst reading since April 2020, when the country was under a strict lockdown.

The June reading was not yet on a par with the recov...