US PMI for September

Markit's "flash" estimate for each of the PMIs ("purchasing manager indices") for US, Europe and Japan for September were released yesterday.  The US index was up a little, the others down.  (A value above 50 means the economy is expanding, and the more it exceeds 50 the more rapidly it is expanding)

Here's what the average PMI for the US, Japan and Europe looks like:

Conclusions: the US still strong, though it may be levelling off.  The world as a whole, though, continues to slow.  And this US strength isn't permanent--it's due to the fiscal stimulus from the massive Trump tax cuts.  When it wears off, the effects of tightening monetary policy will take over, causing the US to slow.