Up, Down Or Sideways?

Never before has global manufacturing activity loitered so long in what amounts to a neutral gear. That was one interesting takeaway from a new Goldman note which described the macro backdrop as "stuck between 'Goldilocks' and 'Reflation Flirtation.'" The figure below tallies consecutive months of global manufacturing PMI prints between 48 and 50. Long story short, the current streak has no precedent. In three quarters of a century, the closest thing was an eight-month span, less than half

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One thought on “Up, Down Or Sideways?

  1. I wonder about the effect of the IRA, general fiscal largesse and reshoring we all keep hearing about… Would that not act to stabilize manufacturing even if consumers are retreating?

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