By Eric Bush, CFA, Gavekal Capital Blog
The US Citi economic surprise index has vaulted to the highest level in nearly two years, and the US isn't alone in this trend. The latest reading of 43.10 is the highest reading since September 2014, and is a vast improvement over the consistent negative levels experienced between January 2015 and June 2016. For the overall developed world Citi economic surprise index, the most recent level is the highest level since January 2014. Other economies that have been surprising to the upside when it comes to economic data are Japan, Australia, Canada and, perhaps most surprising, the UK. In fact, the index for the UK is at the highest level since October 2013.