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2023 Mid-Year Market Outlook

Financial Decoder

CHAPTER

The Decline of Leading Economic Indicators

We've had many months of declining leading economic indicators but we've got a labor market that remains strong, manufacturing is weak. How do you think that's all going to shake out going forward? Well, I'd argue that services is starting to show some weakening ISM services which is a monthly survey-based reading. It's a PMI that most recently was worse than expected and actually fairly close to the dividing line between contraction and expansion.

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