The global economy continues to slow led by Europe and China. The HSBC Flash China Manufacturing PMI is at a 7-month low. Moreover manufacturers report the sharpest decline in new export orders since March 2009.

Key points

  • Flash China Manufacturing PMI™ at 48.1 (48.4 in May). 7-month low. 
  • Flash China Manufacturing Output Index at 49.1 (49.7 in May). 3-month low.


Note that inventories of finished goods are up, everything else is down. It’s time to admit the global economy is in recession. The US is there too, or soon will be.

Mike “Mish” Shedlock
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