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2023 Mid-Year Market Outlook

Financial Decoder

CHAPTER

The Divergence Between Manufacturing Firms and Service Firms

The global services PMI remains well above 50. That's the threshold between recession and growth. Jeff, I'm more worried that services industries begin to weaken than I am hopeful that cardboard box type industries rebound in the second half of the year. The change from shortages to gluts in the global market for goods may now be shifting to the global labor market.

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