US import volumes recovering

 The old saying is, "when America sneezes, the rest of the world catches cold".  What they mean by this is that if the US economy slows, the rest of the world does too, often by more.   And, conversely, if the US economy picks up, it transmits its new strength to the rest of the world, too. 

Import volumes into the US closely follow its economic cycle.    Imports by the US are picking up, transmitting its recovery to the rest of the world.

Both the ISM and import volumes are extreme-adjusted.
Import volumes are shown as a year-on-year % change.

Of course, because the US dollar is the world's reserve currency, when the US tightens monetary, it slows the world economy.  Other countries have to tighten policy too, or their currencies will fall.  A strengthening US dollar has a negative impact on world growth.   The US dollar strengthened by ~25% between January 2021 and October 2022, and has only fallen by 10% since then.  With a few exceptions (India, Turkey, Russia and China*), the US is on the whole growing faster than most other G20 economies, and its indicators are turning up.   (You can see the most recent growth rates in this handy interactive table published by Trading Economics.)

* China's official GDP growth tends to be overstated.