As we continue to monitor the direction of the US economy, the Leading Indicator, the Purchasing Managers Index will be an interesting gauge of where we stand due to the timely divergence we are beginning to see in the chart above.   

We have the FLASH Manufacturing PMI out tomorrow Nov 22 2019 and the ISM Manufacturing PMI on Dec 2 2019.  Both are leading indicators with a reading under 50 indicating contraction.  The current numbers stand at:

FLASH PMI

Oct 24, 2019 51.5    
Sep 23, 2019 51.0    
Aug 22, 2019 49.9    
Jul 24, 2019 50.0    
Jun 21, 2019 50.1    

ISM PMI

Nov 1, 2019 48.3    
Oct 1, 2019 47.8    
Sep 3, 2019 49.1    
Aug 1, 2019 51.2    
Jul 1, 2019 51.7