Despite the mixed messages from the sweep of global data on employment and spending, the PMIs are booming. The breadth of the rise across sectors and countries, along with a surge in the employment PMI, keeps us comfortable with our call for a cyclical lift that is joined by firming labor markets. For now, central banks remain in the New Testament and that’s a good thing.

 

Speakers:

Bruce Kasman, Chief Economist

Joseph Lupton, Co-Head Economic Research

 

This podcast was recorded on 8 October 2026. 

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