Sources: Bloomberg, International Monetary Fund, and Wells Fargo Investment Institute. Consumer Confidence Index (CCI) is designed to measure consumer confidence, which is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending. Global consumer confidence is not measured. Consumer confidence scale differs by region/country. Up or down arrow indicates an increasing or decreasing level from the previous quarter. GDP = gross domestic product. YoY = year over year.
- The eurozone has overtaken the U.S., at least temporarily, on the leading edge of the global growth recovery.
- Structural restraints, including globalization, will help the economy avoid 70’s-era disruptive inflation.
1. World data as of December 31, 2020.
2. U.S. Manufacturing Index level is the Institute for Supply Management Manufacturing Index®, which is a composite index based on the diffusion Indexes of five of the Indexes with equal weights: new orders, production, employment, supplier deliveries, and inventories. Global, eurozone, Japan, and China Manufacturing Index levels use the Markit Manufacturing PMI Index, which is an index developed from monthly business surveys used to monitor the condition of industries and businesses. An index value over 50 indicates expansion; below 50 indicates contraction. The values for the index can be between 0 and 100.
3. China data as of August 31, 2021.
4. Eurozone, Japan, and China data as of August 31, 2021.