Pessimistic Possibility

While the economic news of late is pretty good, if you must worry about the economy, chew on this: the non-manufacturing Purchasing Managers Index of new orders is shrinking for the first time since July 2009. Moreover, the backlog of orders has now been contracting for two straight months, supplier deliveries are barely growing, and new export orders are growing anemically. That said, the overall index is firmly positive.

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