PMI vs Credit Metrics
(Published 1 Nov 23)
RESEARCH CONTENT Analysis showing that whilst PMIs dropped in 4Q2022 in many developed countries, private sector credit growth remained relatively robust in all of them throughout that period.
But roll forward to today and the environment is very different. Not only are PMIs weak, but credit metrics are weakening/collapsing in all countries except for one (clue...they recenly decided to maintain QE).