BMG June 2017 – Bad weather for economic activity and markets

Our overall macroeconomic barometer has fallen again, to 0 in June, after falling sharply to a revised 0.1 in May.  The decline is due to weaker momentum on all fronts in the USA, which mixed performance in other countries failed to offset. Despite the downturn in business and export survey results, investment is holding firm in all regions for the time being. Our inflation indicator saw little movement, coming in at +0.1 in June versus -0.1 in May.

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