The Philadephia manufacturing index had declined (2.6) like the New York manufacturing index (-11.8).
The declines in the New York and Philadephia manufacturing indexes showed that the next PMI won't look good as these 2 indexes were precursory signals for the upcoming PMI. This phenomenon shows that our projected trajectory is correct for the US. As for China, China's PMI will start to rebound after it has implemented more monetary easing policies (see below) and structural policies (new infrastructure projects).
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