The best silver lining Goldman Sachs found when faced with the total and utter collapse in their global leading indicator swirlogram was – (probably) stabilizing. The only improving factor across all their global economic components was the US initial jobless claims (and that has been a farce wrapped in a debacle for 2 months of ‘glitches’). Having led global industrial production for a few months, it seems the indicator is crashing back to reality as the summer’s hopefulness is exsanguinated from hard and soft data around the world.
The Philadelphia Fed headline and New Orders less Inventories component (the Advanced proxies for our Global PMI and NOIN aggregates) both fell.
The Baltic Dry Index was also lower after some improvement in October and the S&P GSCI Industrial Metals Index decreased after last month’s uptick.
The University of Michigan survey (an early proxy for our Consumer Confidence Aggregate) continued its decline after the fall of last month, while the CAD and AUD TWI Aggregate weakened further.
But apart from that… it’s all going great…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/wUueZrTUArs/story01.htm Tyler Durden