Economic data recently published does not show signs of improvement either (nothing new in other words).
Back in the States, the housing double dip is now “official.” The Case-Shiller home price index fell 0.8% in March. The year-over-year fall is 3.6%, and the index is now lower than its previous bottom in April 2009.
The Chicago PMI fell to a reading of 56.6% in May, the lowest reading in 2.5 years, from 67.6% in April. While that reading is still significantly above the 50-line indicating growth, the eleven-point drop is the biggest one-month deceleration since Oct. 2008.
Consumer confidence slumped last month. The Conference Board’s index drooped from a revised 66 in April to 60.8 last month.
The monthly ISM manufacturing index fell below 60 in May for the first time in 2011. It fell to 53.5, which is the lowest reading since September 2009.
The official China Federation of Logistics & Purchasing Managers’ Index eased to 52.0 from 52.9 in April, marking the slowest pace of growth in nine months.
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