APAC Daily Chart Book - APAC Daily Chart Book

Globally, during this cycle:

-China has had strong industrial production, but weak consumer spending.

-Europe has been relatively weak both in industrial production and consumer spending.

-The United States has been strong in consumer spending, but relatively weak in industrial production.

After the pandemic, consumers shifted spending from services to goods in 2020 due to COVID restrictions, then back to services from 2021-2024 as demand for services reemerged. This week’s chart displays real personal consumption expenditure (PCE) of goods and services, adjusting by their respective deflators for comparison. As of September 30th, 20