09/16/2021 -Global economic development continues to be influenced by the effects of the pandemic and government intervention. Globally, we are in the third wave of the pandemic, which is still virulent with currently between 500’000 to 600’000 new cases per day, but less disruptive thanks to vac-cination progress and reduced mortality risk.
The global purchasing managers’ indices and the leading indicators they contain show a down-ward trend for the third month in succession; while the USA and Europe continue to display high momentum. The picture in Asia is becoming gloomier, not least due to slower progress on vac-cinations with increased case numbers. There is still considerable pent-up demand for consumer spending, but this is being slowed at least temporarily increased inflation and supply-side bottle-necks.
Read more in this mon th’s Macroeconomic Comment by Peter von Elten.