Mediocre Manufacturing

In China, the key private sector index that looks at manufacturing showed activity shrinking in November, the first time since 5/17, and the official government index showed the same, the first time since 2/16. Here in the US, all five Federal Reserve manufacturing indices (Dallas, Kansas City, New York, Philadelphia and Richmond) weakened in November; two shrank. Nothing ominous here, the service sector is fine, but manufacturing growth is slipping.

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