Construction PMI signals universal building bust

Ah construction or, more to the point, lack of, via the AIG:

Look at employment and new orders:

If we break new orders down it is fugly:

Houses, apartments, offices, bridges and roads all going bust at once. A universal building bust that we warned about for a year yet here we are.

Unemployment is going higher, rates are going lower and QE is coming.

Full report.

David Llewellyn-Smith

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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