Shortages Cool Down Growth
The Institute for Supply Management said on Tuesday that its non-manufacturing activity index has fallen to 60.1 while it stood at 64.0 in May. A reading above 50 indicates growth in the services sector, which accounts for two-thirds of U.S. economic activity.
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Sovereign Pivot
The conventional framing of global economic power tends to focus on trade balances and manufacturing output. This perspective misses a more consequential asymmetry.
Mixed Picture
In January, the U.S. economy experienced a momentary slowdown following a period of vigorous growth witnessed towards the conclusion of the previous year, yet it continues to exhibit signs of fundamental robustness.
US Small Business Confidence Hits a 10-Year Low
In April, the National Federation of Independent Business (NFIB) reported that small business confidence in the US declined to the lowest level in more than a decade.
It Feels Like A Recession In China
China's economy is experiencing a period of sluggish growth as a result of Beijing's zero-tolerance stance to Covid-19. Economists are debating whether or not to use the term "recession" to characterize the situation.