Andrews Gwynne said the numbers behind a recent fall in the US employment rate from 4.9% to 4.6% do not “stack up”, suggesting that the rate only fell because 500,000 people dropped out of the workforce numbers all together rather than more people securing full-time jobs.
A growth of 6.7% in China was labelled “fictional” by the wealth manager while the aftermath of Sunday’s Italian referendum signalled, in its view, “a real crisis at the heart of the eurozone’s third-largest economy” but one where the overwhelming consensus of commentators had decided there “isn’t a problem”.
More optimistically however, the team believe that the UK’s growth prospects, “remain at the top of the table delivering a neat poke in the eye to those caught up in the post-Brexit panic”.
