Global Data Pod Weekender: Stand by your PMIs

Global economic growth remains resilient, supported by strong business surveys and positive PMI readings that signal continued cyclical expansion. While U.S. consumer spending shows signs of cooling from its third-quarter peak, labor market fundamentals, specifically hours worked, remain robust. Inflationary pressures persist, with headline figures expected to rise in the fourth quarter, complicating the outlook for central bank policies. The Federal Reserve maintains a cautious, data-dependent stance, shifting away from aggressive rate-hike expectations toward a more measured approach. Meanwhile, France faces fiscal challenges requiring a credible consolidation plan to stabilize market sentiment, and China’s growth trajectory relies on fiscal policy levers despite ongoing structural weaknesses in consumer demand. These developments underscore a complex global landscape where strong activity data contrasts with potential headwinds from energy costs and evolving monetary policy frameworks.