GLOBAL MANUFACTURING IS IN A RECESSION Global manufacturing PMI...

GLOBAL MANUFACTURING IS IN A RECESSION
Global manufacturing PMI has contracted for the 3rd straight month in September.
New export orders dropped globally at fastest rate in 11 months.
Data points to global trade volumes falling 3-4% year-over-year, the most since COVID.

https://x.com/GlobalMktObserv/status/1841455595452527008

Great ADP report. Payrolls down 260,000 on a non-seasonally adjusted basis, the worst September in the history of the series.
https://x.com/PeterBerezinBCA/status/1841538592423784716

The bond market doesn’t seem to have figured out yet that in raw non-seasonally adjusted terms, ADP employment plunged -260k which was an unprecedented decline for any September since the series began in 2010.
https://x.com/EconguyRosie/status/1841464064507048193

THIS HAS BEEN SEEN ONLY IN PREVIOUS RECESSIONS
Share of people quitting their leisure/hospitality job as a % of employment FELL to the lowest since COVID.
In the past, such a drop in the quits rate was only in the 2001 recession, the Great Financial Crisis and 2020 Pandemic
https://x.com/GlobalMktObserv/status/1841485791182073902