ISM index dropped: a healthy adjustment.
ISM index dropped: a healthy adjustment.In the USA, the fall of the ISM may reflect a return to a more normal situation? For many months, this indicator for the manufacturing…
Philippe Waechter's blog
INSEE expects a moderate recovery in activity in 2019
The latest outlook note from French national statistics body INSEE (full-length version in French, English summary available here) suggests that the French economy will not be affected on a sustainable basis by…
France: the growth momentum is lower than expected
The French government is still expecting a robust recovery for the last three months of 2018 and for 2019. Companies’ surveys for October do not allow such optimism. The main…
Is the ISM index a bubble?
The ISM index for the manufacturing sector is, in August, at its highest since May 2004. It was then at 61.3 versus 61.4 in May 2004. The reading of this…
The monetary policy procyclicality: a new source of concern
Central bankers are progressively adopting a pro-cyclical behavior. The global growth momentum is now lower and central banks’ strategy now have a restrictive bias. In the US, Canada, UK and…
A Lower World Trade Momentum
These two graphs this morning in the “Daily Shot” of the Wall Street Journal show the lower world trade momentum. All the indicators converge to a lower dynamics. With US…
Euro Area – Growth Momentum is still on the up side
Corporate surveys in November show that the pace of growth is still accelerating in the Euro Area. This can be seen at the global level but also in every sector,…