Remember this yesterday?
ZH: Brace For Slower Growth From China
"China’s credit impulse has tended to lead the U.S. Institute for Supply Management’s (ISM) manufacturing index by 14 months."
"The key driver of realized global reflation, has been China"
ISM Manufacturing Employment (red)
Remember this Monday?
"Every single piece of U.S. data that was released Monday missed expectations..., personal income growth slowed, personal spending stagnated, construction spending turned negative and manufacturing activity grew at its slowest pace this year according to the ISM."
U.S. Non-farm Payrolls 12 month rate of change (red)
ISM Service Employment Index black: