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August Global Trade And Production Data Don’t Show Slowdown … Yet

GLOBAL

CPB data for August have been released and show that growth in global trade volumes and industrial production was steady at 5.2% y/y and 3.6% y/y. Export momentum on a 3-month basis was also steady at a robust 7.2% with both advanced and emerging economies solid. The expected slowdown had not yet hit the global economy in August but shipping and PMI data suggest it is coming.

Global growth vs PMI

Source: MNI - Market News/CPB/S&P Global

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