There are some small signs of deceleration. As we noted in last night’s NFTRH macro market update, the data can jump around from negative to positive. But the combined pressure of gold vs. silver and other hard assets along with the strong US dollar is eventually going to wear away at sectors like manufacturing. Short of some sort of warmed over 90’s style ‘King Dollar’ story, that will eventually prove bearish.
Data source: ISM
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