Global Data Pod Weekender: Looks can be deceiving

Behind welcomed resilience, the data flow of late reveals a vulnerable global expansion at midyear. While strong US June payrolls should disabuse those thinking the US is already in recession, it raises concerns about long it can last given soft GDP growth and the resulting drag on profits. Similarly, a strong global PMI report for June masks underlying momentum loss excluding a robust reopening bounce in China.    Speakers: Bruce Kasman Joseph Lupton   This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.