Timely Indicator of Economic Activity – The recovery likely continued in 2Q22

  • April’s forecast improved to 0.8% m/m (1.3% y/y sa), with a positive surprise in industry and services also higher

  • For May, the estimate is at 0.1% m/m (1.0% y/y sa), with a moderation but industry and services still positive

  • We expect the pace of activity to have moderated in 2Q22, albeit still positive

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