The US remains the engine

One of ECP's five key quarterly investment themes highlights the United States' dominant role as the primary driver of the global economy. Today's graph illustrates this perspective by comparing GDP growth and key leading indicators—Manufacturing and Services PMIs—for both the US and Europe. Two key takeaways emerge. Firstly, the US GDP continues to expand, while growth in the Eurozone is nearing zero. Secondly, the services sector is propping up both economies, whereas manufacturing remains in recessionary territory on both sides of the Atlantic, with the Eurozone facing a notably harsher downturn.