An avalanche of purchasing managers indices yesterday showed that the economic prospects in China, Greece, Italy, France, Germany, the UK, the US and beyond have been, or are, picking up.
This is great news for the global economy because some of these measures, like the ISM in the US and the UK PMI, are at multiyear highs, suggesting economic strength is still in the pipe.
While many economists and markets have expected this developed market pick-up in economic activity, the Chinese economy is widely expected to slow in the first half of 2014.
But this chart from the ANZ showing the relationship between electricity production and GDP suggests that there is likely to be more strength ahead than many expect.
Good news for the global economy and good news for Australia.
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