One million PMIs were released in the last 24 hours. Let’s take a look. At the headline level, the global PMI is still getting better, faster:
What I am looking for is hints of slowing in new orders and new export orders. There are a few in the headwaters of global trade but not enough to indicate the peak just yet. Korea is slowing:
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But Taiwan is not:
Thailand, Malaysia and Vietnam are all slowing fast but that appears related to local COVID outbreaks:
The three major markets are all still powering:
This wild boom is going to top out soon as catch-up growth eases in the US and Chinese tightening comes to bear.
But it would be curmudgeonly to suggest that the peak is here yet!