Breaking news: Key indicator screams "recession"
Constant readers of this blog know that I apply the term "breaking news" rather sparingly — assassinations of foreign leaders and whatnot. But even though the following story won't be the subject of flashing banners on CNN (and certainly not on Fox ) this is huge :
Manufacturing activity across the US contracted in December after 10
straight months of expansion, according to a key survey out today.
The Institute for Supply Management said its index of US manufacturing
activity fell to 47.7 in December, down from the 50.8 reading in
November. A reading below 50 signals contraction, while any reading
above 50 signals expansion.
This is one of the factors driving gold to new nominal highs as we open the new year. Can $2000 gold be far behind?