Author: bitcointalk

By George Lei, Bloomberg Markets Live reporter and strategist

Forecasts for China’s 2023 and 2024 economic growth have been slashed on Wall Street over the past few weeks. The world’s second-largest economy now risks missing Beijing’s own growth target for a second straight year and could expand at a sub-5% pace for three years in a row — something unheard of since the death of Mao Zedong in 1976.

Stalling growth will surely have longer-term geopolitical implications. (more…)

After its large (2.3% MoM) jump in June, US factory orders were expected to see a major decline in July (down 2.5% MoM)> The decline was sizable – down 2.1% MoM – but less than expected.

Source: Bloomberg

That is still the biggest MoM drop since Nov '22 and left the YoY orders 0.7% lower.

Transportation was clearly a drag since Core Factory orders rose 0.8% MoM – best since January – well above expectations…

Source: Bloomberg

Overall Durable (more…)

Authored by Mike Shedlock via MishTalk.com,

Not exactly timely, Bloomberg notes “The widening gap between gross domestic income and gross domestic product is a worrying signal.”

GDP vs GDI Chart Notes

• Real means inflation adjusted

• GDP is Gross Domestic Product

• GDI is Gross Domestic Income

• Real Final Sales is the bottom line assessment of GDP. It excludes inventories which net to zero over time.

GDI was negative for two consecutive quarters (more…)