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The following is an extract from IHS Markit's latest Week
Ahead Economic Preview. For the full report, please click on the
'Download Full Report' link.
The final week of 2021 is upon us with the holiday-shortened
week seeing a light economic data calendar before 2022 kickstarts
with a barrage of releases. Worldwide PMIs for December will be due
as we return from the new year holidays while US updates employment
figures. From the central banks, we have the first RBA meeting of
2022 and Fed FOMC minutes from their December meeting.
The countdown to Christmas had so far been marred by persistent
COVID-19 Omicron variant concerns, though a study of South African
data suggesting that the Omicron outbreak has caused less severe
disease offered some reprieve for markets midweek. That said, one
is always cautioned from reading too much into year-end markets
where thinned volumes may well put prices at risk of greater
volatility. As far as economic data have shown this week, US
consumer confidence continued to trend positively, in line with IHS
Markit Flash US Composite PMI findings. Going into the new year, we
will continue to track whether this optimism translates to further
growth ahead.
Meanwhile lingering COVID-19 disruptions continue to affect
different parts of the world, sustaining its potential to drive
regional divergences. The UK notably saw the Omicron variant
affecting service sector output and cases remain well on the rise.
This is amid nascent signs of easing supply constraints in
December. More details will come with the worldwide PMIs due at the
start of 2022. With that, we send all our readers our very best
wishes for the holiday season and for 2022!
Purchasing Managers' Index™ (PMI™) data are compiled by IHS Markit for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.
