Pantheon Macroeconomics
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The PMI is probably a poor guide to the national picture.
The underlying trend in equipment investment looks weak, despite the bumper Q2 headline.
Hit to Q2 GDP growth from net trade probably offset by inventories and investment.
A strong Q2 for manufacturing, but major headwinds persist.
Ugly activity and employment numbers, further signs of disinflation.
A further slowdown in consumption growth seems increasingly likely.
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