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Notes to myself, possibly of interest to others.
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Wednesday, June 1, 2011

Manufacturing slowdown now global

Peter Boockvar:  The slowdown in manufacturing is not just being seen in the US as Europe and Asia also reported moderation.

  • China’s two mfr’g indices fell to 9 and 10 month lows,
  • Taiwan’s PMI fell to a 5 month low, 
  • India to a 4 month low and 
  • South Korea to a 6 month low
  • In Europe, the final euro zone PMI was slightly below the initial report and now matches the lowest in 8 months.  
  • UK mfr’g PMI fell to the lowest since Nov ’09
  • The US ISM mfr’g today will sum up the weaker regional survey’s that we’ve seen.
Ahead of US May retail comps on Thursday, the ICSC lowered its projection to a 3% gain from a range of 3-3.5%.

Even as mortgage rates fell to a 6 month low, the MBA said refi’s fell 5.7% and purchases were flat.

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