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S&P Global released its August flash indexes based on its surveys of US manufacturing and non-manufacturing purchasing managers. They are flashing an ongoing slowdown, especially for the NM-PMI. Our quick take is that the data are confirming our "growth recession" assessment of the US economy in 2022.
The flash M-PMI correlates well with the S&P 500 on a y/y basis. It remains above 50.0, suggesting that there shouldn't be much more downside to the stock market as long as it doesn't fall much below that level. Here's more detail:
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