The July data releases reinforce our conviction that the global expansion has more life. The global all-industry PMI remains at a level consistent with trend-like growth while the US payroll report shows ongoing solid job gains. The momentum loss in both, however, is a reminder that growth paths are rarely smooth. Even if the near-term threats are fading, resilience in growth along with tight labor markets and inflation above central bank comfort zones keeps an observational equivalence between our “Boil the Frog” and “Goldilocks” scenarios.
View more
Comments (3)
More Episodes
All Episodes>>Get this podcast on your phone, Free
