Recent financial journalism has expressed concerns about the accuracy of sentiment surveys in reflecting economic reality.

There have been conflicting headlines about manufacturing output, with some indicating a weakening and others indicating a strengthening.

The US ISM manufacturing survey's production index has shown contraction for the majority of the time since January 2023, while actual manufacturing output has remained stable.

In Europe, the situation is more pronounced, with the German manufacturing PMI consistently suggesting a significant decline in output, despite manufacturing figures remaining unchanged throughout the year.

This highlights a pervasive pessimistic bias in sentiment surveys, which may not align with the actual economic conditions.

Investors are advised to approach these surveys with caution, as they may not accurately represent the current state of the economy.