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Economic Indicators

Posted on August 01, 2008

The weekly leading indicator sets hit new cyclical lows and areconsistent with: a) development of a recession; and b) furtherdeterioration within a downturn.The purchasing managers' index for new orders dropped sharplyin July and is now much closer to recession levels. The same istrue for the global PM composite. Even China's overall mfg. PMreading fell below 50 in July (Olympics clean up?).Underlying purchasing power within the US economy declinedto -1.8% yr/yr reflecting a falling real wage and lower totalcivilian employment. When the tax rebates are added in, thepurchasing power measure imp...

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economy , gas , gdp , lows , oil , purchasing managers , tax