What accounts for the slowdown in manufacturing?
There may be a structural weakness in global industry given the weak demand for manufactured products and the skewing of demand towards services. But since the summer of 2018 and in early 2019, there has been a major decline in industrial production prospects in all countries. How can this be explained? A natural cycle of investment and purchases of durable goods, after a period of strong growth? This is primarily the case in the euro zone and China; Rising interest rates and excessive debt? Financial conditions are less positive in Japan, the United States and the euro zone; A specific shock to the automotive industry, due to the rapid shift to electric cars? This is primarily the case in Europe; An uncertainty effect (protectionism, Brexit, etc.)? It is present, but there are objective causes for the cyclical turnaround in industry in all countries.