Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
DATA REACT
While goods consumption has long since passed pre-pandemic levels (at 116% of Feb 2020 levels in real terms), today's April personal income and spending report reminds that services still have room to recover.
- Having dropped to 80% of pre-pandemic levels by April 2020 amid lockdowns etc, services have recovered most of that ground, but remain 95.3% of peak levels. Taking into account the underlying trend in growth (+0.1 to 0.2% M/M over 2016-2020) in services growth, services consumption is around 93% of where it "should" be.
Source: MNI
- The sub-categories that are due to come back strong in the summer are also those that have the furthest to come back.
- Wells Fargo notes that in nominal terms some of the biggest categories of services: "other", "recreation" and "transportation" services are lagging; healthcare and food/accommodation are below peak but doing better than some of their services counterparts. Financial services and housing/utilities are two rare large services categories where consumption is greater (again, in nominal terms) than pre-pandemic.
Source: Wells Fargo, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok