BNP Paribas analysts suggest that the positive cyclical surprises for the US economy have become rare, but the economy still seems to be poised for a smooth landing.
Key Quotes
“In the United States, positive cyclical surprises have become rare: employment figures and the ISM purchasing managers’ index were the only statistics that surpassed expectations in January. Yet these are solid indicators.”
“Moreover, although industrial output & retail sales were disappointing, they were probably caused by poor weather conditions (extreme cold wave) or temporary factors (government shutdown). For the moment, US econ still seems to be poised for a smooth landing.”
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