We are far too speechless to even comment on the latest Goldman "leading indicator" swirlogram, which we can only assume was made public after another unprecedented "North Korean hack" at US "recovery" propaganda central, so here is Goldman's own take:
The December Advanced GLI locates the global industrial cycle in the ‘Slowdown’ phase, which is characterised by positive but decreasing momentum. This follows last month’s Final GLI, which also placed us in ‘Slowdown’. Ongoing oil-related pressure on commodity prices, the AUD and CAD and a retreat of the Philly Fed index from November’s two-decade high contributed to this decline.
Five of the seven Advanced GLI components have worsened in December so far. Notably, the Philadelphia Fed headline print (the Advanced proxy for the Global PMI) declined from last month’s two-decade high. The Philly Fed New Orders less Inventories component was also weak following a strong print last month, and the volatile Baltic Dry Index declined. The S&P GSCI Industrial Metals Index® and AUD and CAD TWI aggregate components, two market-based gauges, also deteriorated. The University of Michigan survey (an early proxy for our Consumer Confidence aggregate) came in stronger for a fourth month, and the US Initial Jobless Claims contributed positively this month, after coming in weaker last month.
And the punchline, well, this:
[10]
Looks like the world skipped recovery and proceeded straight into global recession (we say this as the Dow Jones is up 320 points and the S&P is up 90 in 2 days)
