Global Economic Perspectives

Global growth momentum slowed to 2.1% in May, marked by a significant divergence between deteriorating sentiment surveys and resilient hard economic data. This weakness is primarily concentrated in consumer and service sectors.

Key Takeaways

• 1.Global growth momentum slowed to 2.1% in May, notably below the post-1998 average.
• 2.An historically large gap exists between soft sentiment indicators (down) and hard economic data (resilient).
• 3.Economic weakness is primarily concentrated in consumer-related and services sectors.

Table of Contents

• Global growth nowcast - largest gap between hard/soft data since Liberation Day
• The hard-soft gap is the widest since Liberation Day
• Weakness is concentrated in consumer-related series
• Little direction in G3 hard data, but Eurozone confidence falls sharply
• Valuation Method and Risk Statement
• Required Disclosures
• Analyst Certification

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