MacNicol’s Monthly Commentary – September 2019
Speaking of efficacy, the on-going trade talks between the US and China have dragged on and domestic economic indicators are beginning to join global ones in their decline. We referenced the slowdown in the US manufacturing sector on the front page of The Monthly noting that Institute of Supply Management’s index turned lower for the first time in 3-years. Our hope is that malaise in manufacturing does not infect the services segment of the economy, far too many jobs are on the line there. Unfortunately, Beijing and Washington have not been able to agree to the terms for a September trade talk following a series of escalations and continued rhetoric that only stopped when President Trump hallucinated about a phone call between Chinese officials and his “top trade people”. In an unfortunate twist, President Trump had to turn his attention to Hurricane Dorian, temporarily taking a pause from trade related twitter tweets. As The Monthly hits your inbox Dorian is starring at West Palm Beach Florida, a community only 100 miles away. Starring but not really much else. Like Dorian, trade talks between the US and China are severe but going nowhere, and that is causing markets like the S&P 500 to do the same.
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