There is no good news in the quarterly ACCI Survey of Industrial Trends today. The headline index shows manufacturing in recession for the third straight quarter. Pretty much every sub-component sucks. Employment is waning along with capacity utilisation and investment intentions, costs are up and prices down. Even the export component shows deterioration, which contradicts what we’ve seen in the PMI for the last few months.
Of course, this is all perfectly normal with manufacturing having shrunk at such a pace since WWII, not.
Sell ’em dirt!
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