US Soft Landing ‘Likely,’ New PMIs Suggest
Economic activity picked up this month in the US, preliminary PMI data released on Tuesday suggested.
The S&P Global gauge for America's mighty services sector printed 50.9 in the flash estimate, beating the highest estimate from the relative handful of economists who ventured a guess. It was the best reading since July.
The manufacturing index reached 50 for the first time since April, a notable development. Consensus expected another month in contraction territory.
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Anecdotal- but ski accommodation bookings (for the upcoming 2023/24 ski season) are at their the lowest level for this time of year – when compared to the last 19 years- according to a long term rental property management company owner, who operates in the Valley where I live.
There is no obvious “reason why”, but a lot of guesses, including economic slowdown.
In a similar anecdotal vein, I am trying to sell a home in Sedona, AZ. Normally homes there are in demand. But today the agent commented “I don’t know why, but demand has disappeared over the last couple of months.”
The last time this happened was 2009.