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India's consensus-beating GDP report for the first quarter wasn't much to write home about.
Covid-19 has cut short a nascent recovery in housing market activity.
Our judgement that April was the low point for economic activity was challenged yesterday by the publication of results of the fifth wave of the Business Impact of COVID-19 Survey, conducted by the ONS between May 4 and 17.
The rise in the Markit/CIPS services PMI to a nine-month high of 51.4 in July, from 50.2 in June, isn't a game-changer, though it does provide some reassurance that the economy isn't on a downward spiral.
Emerging evidence suggests that the economy has passed the period of peak Covid-19 pain.
A range of indicators show that the pace of the economic recovery shifted up a gear in July, when all shops were open for the entire month, and most consumer services providers finally were permitted to reopen.
We remain concerned that huge job losses are imminent, slowing the economic recovery after a mid-summer spurt.
The limited data available on the state of the labour market, since the government forced businesses to close two weeks ago, paint a disconcerting picture.
Business investment in Japan took a nasty hit in the third quarter.
Last week finished as it started, with more depressing economic numbers in the Eurozone, this time from manufacturing in the core economies.
We're sticking to our call that the Eurozone PMIs have bottomed, though we concede that the picture so far is more one of stabilisation than an outright rebound.
Both business surveys and unconventional activity indicators suggest that the recovery from the Covid-19 shock has sped up in June, after a shaky start in May.
The early damage in India from Covid-19 and the nationwide lockdown likely was significant enough to hammer the GDP report for the first quarter, due tomorrow.
Yesterday's June PMIs offered more of the same, insofar as the survey's key message goes in the past few months.
Manufacturing in France remained on the front foot at the start of Q4.
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