Data for May looked weak across all construction categories in the US, but it is important to note that the weather may have played a major role in this weakness. Meanwhile, there are signs of a rebounding European/UK consumer market.
![Something for your Espresso: The weather decides whether we should be scared..](https://stenoresearch.com/wp-content/uploads/2023/01/Something-for-your-espresso-1080x675.png)
Data for May looked weak across all construction categories in the US, but it is important to note that the weather may have played a major role in this weakness. Meanwhile, there are signs of a rebounding European/UK consumer market.
Here is a list of four concrete ways that consensus could be wrongfooted based on my discussions and findings after having travelled Asian institutions last week.