I guess psychology IS everything.
Purchasing Managers Index (PMI), manufacturing by country: the latest data.
Large countries in actual manufacturing contraction.
Canada - reading 49.70
Germany - reading 44.40
Hong Kong - reading 48.00
Japan - reading 49.50
Large countries kissing manufacturing contraction.
Australia -reading 50.90
China - reading 50.20
France - reading 50.00
Singapore - reading 50.80
Most of the world is either at, or near contraction. And we aren't far behind at 52.60.
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