There was a slew of important data released today for both the Eurozone and US economies. Whilst the level for each of the data may appear bearish, the rate of change in the Eurozone PMI and US Initial Jobless Claims show a slowing pace of deterioration.
First up, the Eurozone Manufacturing PMI, which ticked up and came in ahead of estimates.
Turning to the US data, we had both the jobs data and LEI Index released this afternoon.
The IJC’s saw the number of claims fall to 2.438 million this week, which the bulls will probably take as a ‘positive’ given the slower rate of change.
And the LEI Index also fell, but at a lesser rate than last month. Nonetheless, this chart looks pretty ugly and will continue to do so until we see things bottom out Year-over-Year. Definitely one that the bears will hold dearly.
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