![](https://cclfg.cclgroup.com/wp-content/uploads/2024/07/20240726_NSP_MMM_Image_WP-Thumbnail.jpg)
Global money growth stall extends as PMIs soften
July 26, 2024 | NS Partners
Global six-month real narrow money momentum – a key indicator in the forecasting process followed here – is estimated to have moved sideways for a third month in June, based on monetary data covering 85% of the aggregate. Real money momentum has recovered from a September 2023 low but remains below both its long-run average and the average in the 10 years preceding the GFC, when short-term interest rates were closer to recent levels. The expectation here has been that the fall into the September 2023 low would be reflected in a weakening of global industrial momentum into late 2024.