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Eurodollar University’s Making Sense; Episode 88, Part 3: Looking Forward

Summary:
88.3 PMIs: The Economy’s Forward Looking Indicators ———Ep 88.3 Summary———A review of US, Chinese and global purchasing manager indices for manufacturing and services shows just a few too many “not great” readings. Not necessarily bad but within the context of HUGE ‘money printing’ and GIGA deficit blowouts shouldn’t the economy be rip-roaring? ———See It——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: https://davidparkins.com/ ———Hear It———

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88.3 PMIs: The Economy’s Forward Looking Indicators

———Ep 88.3 Summary———
A review of US, Chinese and global purchasing manager indices for manufacturing and services shows just a few too many “not great” readings. Not necessarily bad but within the context of HUGE ‘money printing’ and GIGA deficit blowouts shouldn’t the economy be rip-roaring?

———See It———

Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
Art: https://davidparkins.com/

———Hear It———

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———Ep 88.3 Topics———

00:00 Institute for Supply Management purchasing manager indices showed bad employment news.
02:27 Purchasing Manager Indices are a forward looking indicator for manufacturing and services.
05:10 Services and Manufacturing employment readings were below 50 (Household Survey confirmed?)
07:17 The ISM data does not mean recession… it means something worse: stagnation.
09:09 Was our stagnation was caused by Trump and Covid? Or was it in place since 2007-09?
13:26 Inflation is not the same thing as a sharp, monetary/fiscal price deviation.
15:13 US inflation is higher than normal but the rest of the world is not reporting the same.
16:24 China’s PMI readings are lackluster.
18:34 Global PMI review of manufacturing and services is a positive, if mixed bag.
20:40 A summary of Episode 88.

———Ep 88.3 References———

ISM’s Nasty Little Surprise Isn’t Actually A Surprise: https://bit.ly/3k2Y1LU
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7

———Who———

Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is “Cupcake Delivery” by Dylan Sitts from Epidemic Sound.

 


Jeffrey P. Snider
As Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheads the investment research efforts while providing close contact to Alhambra’s client base. His company is a global investment adviser, hence potential Swiss clients should not hesitate to contact AIP

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