Narrow Shoulders

The world economy has absorbed six months of disrupted energy supply with far less damage than it could have. The reasons why are arguably narrower than they look.

In our charts this week:

Delivery times lengthening, freight rates climbing

Growth upgrades went almost entirely to the chip exporters

Record drawdown in global oil stocks

Three commodity shocks, three unrelated causes

US labour demand steady, UK still falling

France now trades wider than Italy