Growth continued to climb above its recent range
Global growth gained in November, mainly due to U.S. data. Europe, the U.K., Japan, and China were all stable, while Russia improved its GDP growth significantly.
U.S. consumer sentiment surveys improved in November, as did retail sales and new orders in durable and capital goods. U.S. employment and wage inflation were muted; housing was stable.
This six-year illustration captures GDP gyrations since the financial crisis and the low-growth reality of the “new normal.”
Sept ’10–Dec ’13
Global growth swings dramatically, under pressure from sovereign debt crises and darkening global growth prospects amid fitful recoveries.
Global growth settles into a more subdued pattern of modestly disappointing results. This may signal flatter yield curves for the foreseeable future.
Source: Putnam. Data as of November 30, 2016. 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 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, of economic growth.