The growth trajectory remains robust
SHORT-TERM TRENDGrowth increased slightly in December
Among G10 countries, growth increased the most in Canada and the U.K. Canada’s economy got a boost from employment data, the IVEY Purchasing Managers Index, and retail sales. U.S. growth improved as personal consumption expenditure (PCE) rose. Among emerging markets, growth improved in Russia, Turkey, and Singapore, but held steady in China.
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 December 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.