Update on High-Frequency Indicators, November 2022

Most high-frequency indicators of cyclical activity moderated in October given shutdowns linked to the 20th Party Congress. Flattering base effects should prevent headline data from falling too sharply, but “zero COVID” policy remains the key uncertainty for consumers and private businesses as the winter approaches and cases are expected to rise again. Credit momentum appears to have stalled in recent weeks, with bill financing rates trending back toward zero at the end of October.

Posted November 8, 2022
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