Global Economic Data Beat Expectations Like Never Before

Citigroup Inc.’s global economic surprise index surged to a record high this month, surpassing the previous peak hit in 2009. While the gauge has pulled back slightly over the past week, it has managed to sustain gains since reaching positive territory in June -- showing economic data worldwide is beating expectations even as successive outbreaks of the coronavirus, government-imposed travel restrictions and weak demand weigh on economies. The record readings also underscore the difficulty in predicting the path of economic recovery amid the pandemic, and the risk of further financial market volatility as investors adjust to the swings in the data.