Goldman Sachs
May 10, 2026
Global Economics Wrap-Up
Weekly UpdateMacro Economic IndicatorsRates Govt BondsInformation TechnologyHealth Care
Goldman Sachs analyzes a rise in global manufacturing backlogs and PMIs amid geopolitical conflict while tracking the expanding role of AI in the US economy. US job growth remains near breakeven levels as central banks show divergent policy paths in Europe and Asia.
Key Takeaways
- 1.Global manufacturing backlogs and price PMIs rose in April, driven by uncertainty from the Middle East conflict.
- 2.AI adoption among US firms reached 19.8% in April, with a small but positive net impact on overall employment despite headcount reductions in sectors like finance and information services.
- 3.The US labor market showed moderate growth with 115k jobs added in April, aligning with the estimated 'breakeven' rate required to keep unemployment stable.
Table of Contents
- Global Economics
- US Economics
- Europe Economics
- Asia/EM Economics
- GDP Forecast Tracker: GS vs. Consensus
- Disclosure Appendix
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Authors
Joseph BriggsAndrew TiltonKatya VashkinskayaJessica RindelsSarah Dong
Securities
Global Composite PMIRiksbank Policy RateNorges Bank Policy RateReserve Bank of Australia Policy Rate
Themes
AI Economic IntegrationGeopolitical Inflationary PressuresCentral Bank Policy Divergence
Regions
GlobalNorth AmericaEuropeUnited StatesGermanyNorway