Global economic slowdown underlined by weak sector data

AXA
Door oktober 8, 2019 15:32

Global economic slowdown underlined by weak sector data

Last week saw important US economic data emerge. The continued weakening in the manufacturing ISM index reflected ongoing global softness, which was likely exacerbated by the General Motors strike that has entered its fourth week. However, the drop in the non-manufacturing index – below the low set in the 2015/16 slowdown – was more troublesome, suggesting more spill-over, than seen to date. Friday’s employment report was by comparison more equivocal, with a further softening in the headline employment growth number, but strength in the alternate household survey contributing to a drop-in unemployment to 3.5% – marking a 50-year low. While more heartening, we consider the labour data to be more of a lagging indicator – and with pay growth also softer – there were more concerning forward-looking trends

AXA
Door oktober 8, 2019 15:32

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Asset Allocation Consensus September

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