Last week’s healthy set of US economic data provided further evidence, were it needed, that the Q1 ‘blip’ was nothing more than that.
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- Our CMI stood at just 2.8% in April, pointing to a further setback for China’s economy.
- This implies a much faster pace of deceleration than that reported by the official data.
- Notably, until early last year, our measure of China’s economic growth rate tracked that reported by the official data. The two now diverge wildly.