US Manufacturing – More Weakness to Come

US manufacturing has slowed in recent months, and we expect more to come.  We had noted the discrepancy between the PMI and ISM surveys earlier this year as it looked like the ISM was outputting data inconsistent with our leading indicators.  The ISM has now fallen...

Update on demographics in the US

A recent article by the US Population Reference Bureau produces some great charts and information on demographics in the US. We are structurally bullish on the US economy largely because the economy’s demographics do not exhibit the same characteristics as other...