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Chart of the Day - pendulum swings

For all of those market-watchers out there that are calling for a recession, myself included, most are looking at the falling housing market, the negative ISM and ISM new orders data, and the rapid slowdown in autos that we are seeing.
On the plus side, as we just saw, the labor market, measured by the non-farm payroll or the JOLTS measure, still looks very tight. Admittedly the ISM employment and jobless claims measures do put some question into that labor strength though too.
Another chart you have probably seen shared is the rapidly declining savings rate. It has dropped to 2.4% which is the lowest of the last 60 years, even lower than in 2006 during that housing bubble and burst
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