3 Jan 2014
Flash: a manufacturing-led recovery?
FXstreet.com (Guatemala) - Strategists at Rabobank noted the recent improvements coming in the form of manufacturing data from China and the US.
Key Quotes:
“Together with US initial claims at 339K (344K consensus), albeit with a 3K upward revision to the previous week, the picture at the start of 2014 still seems to be of a strong manufacturing-led recovery across most major economies”.
“That is extremely welcome, of course, but as the year ahead progresses it will be important to try to ascertain where the fresh demand for this manufacturing output is stemming from: retail spending data in most OECD economies is still moderate at best while emerging markets (ex China) are seeing a decline in consumption on the whole, not an acceleration”.
Key Quotes:
“Together with US initial claims at 339K (344K consensus), albeit with a 3K upward revision to the previous week, the picture at the start of 2014 still seems to be of a strong manufacturing-led recovery across most major economies”.
“That is extremely welcome, of course, but as the year ahead progresses it will be important to try to ascertain where the fresh demand for this manufacturing output is stemming from: retail spending data in most OECD economies is still moderate at best while emerging markets (ex China) are seeing a decline in consumption on the whole, not an acceleration”.