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Getting out of control: another key CORE number absolutely tumbled.

Eurodollar University

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The Decline of China's Non Manufacturing PMI

Shaixin's non manufacturing like the government's non manufacturing PMI this one fell sharply from 57.1 in May to just 53.9 in June 52.5 was their composite number for June that's down from 55.6. These are not good numbers for China but they do correlate very strongly with everything that we're talking about here. Recessions and deflationary recessions are a process. It doesn't happen all at once nor does it happen in straight line linear fashion.

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