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The AiG November manufacturing PMI is out and guess what? The recession continues, down 1.6 points to a lousy 43.6:
That is an unfriendly looking trend and the only hope the horizon is a post-Christmas restock. New orders and exports are still stuffed:
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In fact, everything is stuffed:
If we mattered at all in the broad sweep of history, the embrace of this trend would go down as one of the most incomprehensible acts of economic self-harm that historians could recall. By this time next year it will be obvious to all.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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