Global Recession Is Coming – Manufacturing PMIs For key Exporting Economies Drop Below 50

New Export Orders in July 2022
From the Global Manufacturing PMIs
For key Exporting Economies

1. Japan (orange): 48.8
2. USA (red): 47.7
3. China (black): 47.4
4. Germany (blue): 42.8
5. Taiwan (pink): 38.4

Everyone is below the critical 50 threshold
GLOBAL RECESSION IS COMING pic.twitter.com/Nh3pwQW2zb

— Robin Brooks (@robin_j_brooks) August 1, 2022

Global PMI activity components fell below the 50 threshold for the 1st time since June 2020, down 1.7 pts to 48.7

√ Asia ex- Japan & china is the only region which increased over the month (+0.4pt)
√ Latam declined the most (-2.5pts) pic.twitter.com/7WHLJeO8rf

— Patrick Zweifel (@PkZweifel) August 2, 2022

https://twitter.com/WallStreetSilv/status/1554472702773174273

Labor market finally cracks:

JOLTS job openings 10.698MM, Exp. 11.0MM, Last 11.254MM

605K drop is 3rd biggest on record, only Covid was worse.

— zerohedge (@zerohedge) August 2, 2022

The "American Dream" shopping mall is in default.https://t.co/haFV1TNGok

Another casualty of misallocated cheap capital.

14 years of 0% rates later, pundits wonder relative to 2007, where is the leverage this time?

Everywhere. pic.twitter.com/TmyeBQZk44

— Mac10 (@SuburbanDrone) August 2, 2022

Household debt tops $16 trillion for the first time, fueled by higher inflation and interest rates https://t.co/LKi6FnQJmY

— CNBC (@CNBC) August 2, 2022

Australia’s Housing Downturn Accelerates: In Sydney, Sharpest Price Drops “in Almost 40 Years”  

Sales volume plunged in Sydney and Melbourne. Rate hikes bite, yet the Reserve Bank of Australia just started hiking.