Global Data Pod Weekender: Two steps forward, one step back

The October PMIs showed a strong post-delta wave recovery in services, but supply disruptions continued to weigh down momentum in manufacturing. That said, data out of EM Asia point to a nascent easing of bottlenecks there. The US jobs report revealed strong payroll growth and a further drop in unemployment, but supply constraints also were apparent in the participation rate and job flows. These supply-side issues are pressuring inflation higher and challenging central banks’ communications. Speakers: Bruce Kasman Michael Hanson This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2021 JPMorgan Chase & Co. All rights reserved.