Everyone was hoping for a v-shaped recovery of the global economy, after the deep recession during the lock-downs. During the past few months, we have seen most economies rebound strongly as expected, but the recovery has slowed, as the services and manufacturing reports from Europe showed on Friday. But, the same reports from the US showed a further expansion this month, leaving contraction well behind. But today’s Philly FED non-manufacturing report came in weaker than in July, showing a slowdown.

Philladelphia FED Non-Manufaturing Index