On the economic landscape, Lagarde says: Private domestic demand, especially consumption is likely to have remained weak. Bus/cons confidence remain weaker than pre-Ukraine war.
Manuf sector working through a backlog of orders but prospects worsening. Services sector growing more strongly as economy reopens.
Ave hours worked somewhat below pre-pandemic levels and recovery has stalled.
Re inflation: 7.0% Y/Y in April - base effects led to some increase in energy inflation. Services pushed up by reopening of economy and wage pressures.
Wage pressures strengthened further as consumers recoup some of their lost real income. Most inflation exp around 2% but some have edged up.

Fixed Income News Homepage Bullet Markets Emerging Markets News Foreign Exchange News

Tim Cooper

Fixed Income News Homepage Bullet Markets Emerging Markets News Foreign Exchange News

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Lagarde: Data Show Strength In Services Activity And Prices