Widening divergences … ISM Manufacturing vs.: 10yr yield; financial conditions; global manufacturing; semiconductor stocks

Widening divergences … ISM Manufacturing vs.: 10yr yield; financial conditions; global manufacturing; semiconductor stocks@SoberLook @MacrobondF @Refinitiv @IHSMarkit @natixis pic.twitter.com/hahzjJlPTe

— Liz Ann Sonders (@LizAnnSonders) January 6, 2020

$SPX vs. ISM – The current spread is the largest we have seen since 1996.

Here's the $SPX vs. ISM, but done via Z-score to standardize. The current spread is the largest we have seen since 1996. pic.twitter.com/bxOhNgAwnp

— Teddy Vallee (@TeddyVallee) January 6, 2020

Global December Manufacturing PMI's pic.twitter.com/01H0fIBXCH

— Tracy Shuchart (𝒞𝒽𝒾 ) (@chigrl) January 7, 2020

Long-term real rates cannot gather any momentum pic.twitter.com/esN16nhagy

— Eric Basmajian (@EPBResearch) January 6, 2020

When employment growth falls below population growth, the unemployment rate goes up.

Total employment growth is still above population growth but cyclical employment growth has fallen below population growth.

Coupled with initial claims, employment has a yellow light 🚦 pic.twitter.com/XUmL8eAANo

— Eric Basmajian (@EPBResearch) January 6, 2020