We now have the final October purchasing managers indices for October and the data paints something of a mixed picture. That could be seen as slightly encouraging given our concerns that the economic soft spot was turning into something more damaging.
Better than expected bounce in August industrial production, although it doesn’t look so flattering in y/y terms with the growth rate (if you can call it that) slowing further to just 0.36%. And that includes a +0.68 contribution from energy. Manufacturing in other words is contracting, registering a drop of -0.44% y/y.