Source: Unigestion, Bloomberg. Data as of 8 September 2021.
Looking at the components of our Global Growth Nowcaster, much of the recent slowdown is due to Employment, with job growth at a standstill. Production Expectations have also tumbled, highlighting that businesses are seeing deteriorating demand. Importantly, Consumption never reached the highs of some of the other components and is now close to its long-term level, whereas we had expected it to catch up and put the recovery on a more sustainable footing. However, we believe that moderated economic expansion will continue and have positioned our portfolios accordingly.
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