Pantheon Macroeconomics
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Trade's contribution to Q4 GDP growth probably significant but not enormous.
Consumption strong through November, but on shaky foundations.
Manufacturing is surviving rather than thriving.
Core goods inflation likely to retreat in H1 2026.
Weak jobs market continues to depress consumers.
Dip in mortgage rates providing only a small tailwind.
Reliability questionable, but grim reading nonetheless.

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