Flash Point: PMI Blues

Continuing the decline globally of PMI data noted in June, PMI PMS, and continuing in July, PMI Update: Dark Clouds and Risk of Rain On Our Parade, we have reports of further declines for August in China, China Flash Manufacturing PMI at 9-Month Low, New Export Orders Plunge at Sharpest Rate Since March 2009, and the eurozone, Eurozone PMI Declines 7th Month; German Private Sector Output Falls at Faster Rate; New Business Declines 13th Month.

Of the eurozone, Markit’s flash August reading edged slightly downward. Markit commented: The August Markit Eurozone Flash PMI reinforces the prevailing view of the economy dropping back into recession during the third quarter of 2012. The direct implication is a continued decline in economic output or GDP, notably in manufacturing. The broader implication is a global economic slowdown that is moving into a recession.

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