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The gap between M1 growth and soaring inflation widened in October and still points to falling output.
Households’ deposits are now falling outright, likely driven in part by a run-down of pandemic savings.
The outlook for lending supports our call for slowing growth in consumers’ spending and investment.
deposits, growth, inflation, m1, m1 growth, October, Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence