The pH Report is published by New Normal Consulting, a Swiss-based strategy consultancy advising Fortune 500 and FTSE 100 companies, investment banks and fund managers.

Our value proposition is based on our ability to view the economy through the lens of the chemical industry, which is proven to be the best leading indicator for the global economy:

  • Our approach is data-driven, and we cover areas where the team has long-term expertise such as developments in China, oil markets, geopolitics, as well as chemicals/plastics themselves and their key end-uses – autos, housing and electronics
  • Our privileged position as advisers to investors and corporates enables us to operate in a ‘sweet spot’ where we can help investors to better understand companies’ key priorities, and help companies to understand investor needs.
  • Having successfully forecasted the 2008 subprime crash, we were able to use the analysis in our 2011 book, ‘Boom, Gloom and the New Normal’ to identify how changing demographics mean that businesses need to move from being supply-driven to being demand-led.
  • Via our analysis of the need “to do more with less”, we were also one of the first to identify the importance of the waste plastics/circular economy issue, and how sustainability is replacing globalisation as a key driver for the future.

$10,995 per year

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The pH Report – The litmus test for the global economy

What our subscribers say:

New Normal testimonials 2022 12

The pH Report forecasts


We began warning that a global recession was starting to develop.

Our June Report was headlined ‘Recession risks rise as central banks finally move to tackle inflation’

The pH-Report forecasts 2022 global recession


We were one of the first to highlight inflation risk.

In April, we warned “We expect significant inflation in the short-term”

The pH Report 2021 forecast – We were one of the first to highlight inflation risk


We forecast in early February that the Covid-19 virus would be the catalyst for recession

Our February Report was headlined ‘Coronavirus concerns confirm economic expansion is ending’

The pH Report forecasts 2020 Covid-19 recession


The end of business as usual – we foresaw a ‘synchronised global slowdown’

In 2018-19 we suggested optimism over economic recovery was misplaced

The pH Report 2020 end of business as usual


“Last year Paul Hodges sent me a report saying the oil price was about to plummet. He saw it falling to $50/bbl in the first half of this year”

Merryn Somerset Webb
Moneyweek, January 2015

In 2014-15, The pH Report accurately forecast the dramatic drop in oil prices from $115/bbl to $30/bbl

The pH Report Brent Oil price collapse


“Western Baby Boomers are changing demand patterns, again”

The pH Report discusses the New Normal

The pH Report ageing population


“Beware lending institutions bearing gifts”

Between 2006 and 2008 The pH Report was correctly warning that the sub prime bubble would burst and cause a global financial meltdown

2006 global financial meltdown