Yesterday’s Flash PMIs for September marginally disappointed analysts, lending credence to worries that there might be a slowing in the pace of the recovery. The figures also affirmed a trend among developed nations, with manufacturing surveys outperforming expectations while services missed. The explanation seems logical at first. The retail sector is most affected by COVID. But that is also being taken into account by analysts. The implication is that forecasts for economic growth for this year might be overestimating how much recovery there will be in the service sector. On the plus side, the industry remains ... (full story)