ECONOMICS

It's PMI day!!

• Australia PMI improved on the back of expansion in manufacturing;

• Japan Composite PMI improved into expansion overnight;

• India soared with both services and manufacturing surging;

• Europe disappointed with Germany and France weaker;

• UK improved again;

• US PMIs spiked with major jump in manufacturing (BUT…)

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The Euro area composite flash PMI increased by 0.3pt to 47.9, in line with our expectations but below (more…)

Authored by Peter C. Earle via The American Institute for Economic Research,

Economic fallacies are a booming business in an inflationary era. 

Recent attempts to promote the idea that corporations raised prices in the pursuit of higher profits, creating the last three years’ inflation, are not new. As inflation reached its apex in 2022, that claim (along with a handful of others) became common, as it has been many times before that.

It’s an assertion readily (more…)

The slump in 'soft' survey data continues this morning with disappointments from the Philly and Richmond Feds.

The flashing red signals for US manufacturing flashed redder-er this morning as the Richmond Fed survey showed manufacturing activity plummeted to -15 (considersably worse than the -8 exp) to its lowest since the COVID lockdowns…

Under the hood was a shitshow with new orders sliding further into contraction (from −14 to −16), and employment (more…)