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I hate to end on a down note but we're looking at a recession my friends I don't know really any other way to say it I'm not talking slowing economy.
I'm talking going in reverse economy.
Now the clincher for me was this key manufacturing gauge out today.
-- of factories contracting for the first time in nearly three years that was the height of the last recession.
-- institute for supply management reporting that is closely watched index dropped to a reading of 49 point seven in June from 53 point five in May.
Let me 'cause she's a boring stuff this keeps up with stuff that's what that means -- -- manufacturing tends to lead us out of recessions.
And had for a while been leading us out of the last -- But not now not what orders down and consumers clearly reluctant this -- personal spending numbers are soft not surprising.
Retails cells are really -- which could explain.
Why another closely watched prices paid index is dropping that usually happens when demand as I said is dropping.
Like it's been happening for oil prices and gas prices not just here to be fair everywhere.
Global demand is down because the global economy is down.
And as since the recovery here hasn't been much to write home about.
You can imagine this -- good news for homes either.
Because despite some up and down again data homebuyers are nervous and lenders are -- Then there's Europe right now that's there's no losses -- losses companies are doing business there well they're just sick there.
My boss Rupert Murdoch said so and so on -- very air.
But like his counterparts at McDonald's.
And -- -- Goodyear Tire & Rubber and Cisco.
They're all looking to pull back there are before the mass -- them everywhere.
But you know we live in a global economy and while the US looks healthier by comparison.
That doesn't mean we're still not pretty sick ourselves in reality.
So here's what we should be worried that this recovery we've been nursing has been so weak it really doesn't take much to change barely growing.
To not growing at all that's are not so sweet spot right now.
Not growing -- Not recovering recess and not have come back elected.
And very sort of tell -- -- only days of war July poor.
Far from a financial firecracker.
So -- the line I'm afraid to say.
More like a -- now again I would love to be wrong and I could be wrong.
But I've followed these statistics fairly closely and when a couple of them go as they've gone lately.
Well is not your for --
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