Manufacturing Moderation

Global manufacturing sentiment fell to 49.8 in May from 50.4 in April. Not only was this the 13th straight monthly decline in the index and the weakest reading since late 2012, but readings below 50 suggest declining activity! Closer to home, the US manufacturing sentiment index fell to 52.1 in May, its lowest reading since 10/16, and well below its high of 58.8 six months ago. Recession risks are rising.

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