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All About the Indicators #9
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Recession Indicators

All About the Indicators #9

Join us as we step back and try to interpret the noisy September indicators.

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Christian Ford's avatar
Neil Howe
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Christian Ford
Sep 26, 2024
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All About the Indicators #9
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We’re back with the September edition of All About the Indicators, our monthly review of recession signals.

In response to economic deceleration, the Fed has cut interest rates by half a percentage point. Both manufacturing PMIs are deeply negative. Credit-card charge-offs are up to 2008 levels. Average weekly hours sank again. And CPS employment growth is now negative YoY. Meanwhile, services remain strong; personal consumption is still humming; and the markets are obviously delighted that borrowing costs are falling.

The 2Y-10Y yield curve has by now fully uninverted, which is either a sign that a recession is nigh—or that Chairman Powell will indeed stick his soft landing.

AATI #9, which runs 58 minutes, is available below to Premium subscribers. Premium subscribers can view the video below and download the accompanying PDF deck.

Other paid subscribers, you will receive a link to the video only next week.

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