The growth trajectory remains strong
SHORT-TERM TRENDGrowth picked up in October.
In the United States, economic activity in the manufacturing sector expanded while the labor market remained strong. The G10 economies benefited from strong industrial production data. Growth slowed in the Central and Eastern Europe, Middle East, and Africa regions. Mexico’s manufacturing and nonmanufacturing sectors weakened. In Asia, the Chinese yuan held flat.
LONG-TERM CYCLEThis six-year illustration captures GDP gyrations since the financial crisis.
Sept ’10–Dec ’13Global growth swings dramatically, under pressure from sovereign debt crises and darkening global growth prospects amid fitful recoveries.
Jan ’14–Oct ’16Global growth settles into a more subdued pattern of modestly disappointing results.
Nov ’16–todayMore synchronous performance across global markets emerges to lift the trajectory of global growth.
Source: Putnam. Data as of October 31, 2017. We base our Global GDP Nowcast on a tailored methodology that captures daily data releases for the most essential growth characteristics for each of 25 countries — including purchasing managers’ index data, industrial production, retail sales data, labor market metrics, real estate price indexes, sentiment indicators, and numerous other factors. The mix of factors used for each market may change over time as new indicators become available from data sources or if certain factors become more, or less, predictive of economic growth.