The state of the world economy, from official data only
Regenerated 18 Sep 2026, 08:42 UTC
Next 18 Sep 2026, 18:00 UTC
Global regime

Expansion

Driven by: CN OECD composite leading indicator 98.1, crossed Sep 2025; CN debt service ratio, private sector 19.1 %, crossed Q1 2025; EZ Economic Sentiment Indicator 98.4, crossed Jul 2022. Offset by: US credit-to-GDP gap −11.3 pp, 21.3 pp below; US debt service ratio, private sector 13.8 %, 1.7 pp below. Last regime change 18 Sep 2026, from Slowdown.

74 /100 +74 over 3 months
ContractionSlowdownLate cycleExpansion
5
Triggered
2
Watch
2
Post-trigger
32
Normal
8
No threshold
49 of 49
Series current

Filled square, the threshold is crossed. Hollow, it is within one step and the distance is printed. Half-filled, it was crossed and has come back. A rule means the series has no threshold and is shown for context only.

Regions · ordered by GDP weight (2025)
Cycle layer · indicator by region
A full row of filled squares is a synchronised turn. Structural · Stress · Cycle in full
IndicatorUSCNEZJPUKIN/6
OECD composite leading indicatorMonthly 101.0 98.1 100.8 100.3 101.1 101.6 1
National activity surveyMonthly +22.7 98.4 +0.4% 1
Labour triggerMonthly −0.07 6.4% 2.4% 4.9% 0
Yield curve +0.82 +0.47 +1.02 +1.12 +1.61 6.78% 0
Core inflation against targetMonthly 2.4% 0.8% 2.4% 2.6% 4.6% 0
Credit impulse and lendingMonthly +4.4% 0
OutputQuarterly +1.5% +0.6% 0
Policy rate 4.00% 2.50% 0.98% 3.75% 0
Threshold events · newest first
DateRegionIndicatorStatusValueThresholdSinceSource

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We write only when a threshold is crossed. In a calm month, nothing arrives.