The reasons for this lie primarily with the global—not the U.S.—economy. From tariff-related tension to a German auto-emissions scandal and a Chinese credit squeeze, forces weighing on external economies have begun to wash back on the U.S. Historically, the U.S. has been largely immune from foreign forces because exports were a relatively small part of the economy and its financial markets responded mostly to domestic influences such as U.S. interest rates, inflation and domestic economic developments. Created with Highcharts 6.0.4Global Dominoes FallChinese auto sales, 12-month moving total Created with Highcharts 6.0.4Germany manufacturing purchasingmanagers’ indexGermany manufacturing purchasing managers’ indexNote: A reading below 50 indicates themanufacturing sector is contracting.Note: A reading below 50 indicates the manufacturing sector is contracting. Created with Highcharts 6.0.4U.S. manufacturers’ export orders, percentexpanding minus percent contractingU.S. manufacturers’ export orders, percent expanding minus percent contractingSources: CEIC Data (autos); IHS Markit (Germany); Institute for Supply Management (U.S. exports)Sources: CEIC […]

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