Narrow Shoulders
The world economy has absorbed six months of disrupted energy supply with far less damage than it could have. The reasons why are arguably narrower than they look.
In our charts this week:
Delivery times lengthening, freight rates climbing
Growth upgrades went almost entirely to the chip exporters
Record drawdown in global oil stocks
Three commodity shocks, three unrelated causes
US labour demand steady, UK still falling
France now trades wider than Italy
The skinny
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