Global growth continues to be slow and steady.
But at least it doesn't look like market mayhem is affecting the real economy.
"While the outlook for global growth is still subdued and inflation expectations have continued to fall, there is little evidence yet that the financial turmoil has hit real economic data," writes HSBC economist James Pomeroy.
"With healthy labor markets, western consumers continue to support growth for now. Yes, trade is weak and the manufacturing sector is struggling globally but as long as we see consumer resilience this alludes to more of the same: sluggish growth, low inflation and loose central bank policy, rather than collapse," he added.
The US' growth remains "slow" but it's "not a crisis," notes Pomeroy. And developed markets overall remain "relatively resilient."
Meanwhile, China is slowing but not collapsing, he adds, while things aren't so great in emerging markets, especially Brazil.
HSBC