The global economy continues to slow led by Europe and China. The HSBC Flash China Manufacturing PMI is at a 7-month low. Moreover manufacturers report the sharpest decline in new export orders since March 2009.
- Flash China Manufacturing PMI™ at 48.1 (48.4 in May). 7-month low.
- Flash China Manufacturing Output Index at 49.1 (49.7 in May). 3-month low.
Note that inventories of finished goods are up, everything else is down. It’s time to admit the global economy is in recession. The US is there too, or soon will be.
Mike “Mish” Shedlock
Click Here To Scroll Thru My Recent Post List
Images: Flickr (licence attribution)
About The Author
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit Sitka Pacific’s Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.
You are currently viewing my global economics blog which typically has commentary every day of the week. I am also a contributing “professor” on Minyanville, a community site focused on economic and financial education. Every Thursday I do a podcast on HoweStreet and on an ad hoc basis contribute to many other sites.
When not writing about stocks or the economy I spend a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com.