Data has beaten expectations in many countries and regions throughout 2017, according to an analysis by HSBC.
Data surprises have been most notable in Asia and Latin America with such indices also moving up in developed markets indicating the strength of the global economy.
However, data in the US is showing no clear direction, as are inflation indices across the world, as the chart below shows:
That could add to the policy conundrum as authorities weigh between stimulus and tightening.
HSBC strategists led by Daniel Fenn said:
There has been considerable focus in the market recently on the divergence between the so-called soft data forward-looking surveys and the hard data. Soft data releases have been surprising to the upside whereas hard data has been underwhelming. This divergence is apparent in both our US and Eurozone surprise indices, and we have presented charts splitting the data into these two categories.