The surrounding bullishness implies that the gap will be closed in the coming months by industrial production finally moving to around zero year-on-year growth level.
Click on chart to enlarge, courtesy of BNP Paribas.
However, PMI and year-on-year growth had at least visual correlation in the chart for the past 10 year, or so. It broke down this year ...
PMI survey failed to anticipate the depth of reality? Is it anticipating recovery correctly? Does this make this recession and recovery different?
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