Global Economic Indicators Update

Latest edition · August 3, 2026

Global GS Economic Indicators Update Headline Inflation Surprises Skewed to the Downside

This report provides a weekly update on Goldman Sachs' proprietary global economic indicators, noting a general easing of financial conditions and downside inflation surprises for June.

The report tracks various high-frequency economic health metrics, including Current Activity Indicators (CAI), Financial Conditions Indexes (FCI), and wage trackers. Key findings include a 6.9bps easing of the Global ex Russia FCI driven by long rates and a pattern of headline inflation surprises that were skewed to the downside in June. The document also details fiscal impulses, output gaps, and updated GS GDP/inflation forecasts versus consensus.

Key takeaways from the latest edition

• 1.Headline inflation surprises in June were skewed to the downside.
• 2.The Global ex Russia Financial Conditions Index (FCI) eased by 6.9bps last week, driven primarily by movements in long rates.

What this series covers

• Key FCI and Growth Charts
• Key Wage and Price Inflation Charts
• Detailed Indicators Update
• Financial Conditions Index (FCI)
• FCI Impulses
• Current Activity Indicator (CAI)
• MAP
• Trimmed Core Inflation
• Inflation Surprise Index
• Wage Trackers
• Top-Down Fiscal Impulses
• Output Gaps
• GS Forecasts vs. Consensus

Edition archive

• Global GS Economic Indicators Update Headline Inflation Surprises Skewed to the Downside

  August 3, 2026

• Global GS Economic Indicators Update UK Activity Slows

  June 29, 2026

• Global: GS Economic Indicators Update: US Trimmed Core CPI Inflation Near 2

  June 15, 2026

• Global GS Economic Indicators Update Financial Conditions Tighten Back to Pre-War Levels in the US

  June 9, 2026