More evidence for fizzling uptick

I've talked before about how my fibre index is a good indicator of world economy activity.  Yeah, it surprised me too.

We've just had the preliminary PMI data for 4 of the big 8 economies/regions:  the US, the UK, Japan and the Euro zone, and the updated average is shown in the chart below.  It's interesting that even the mini cycles are similar.  For example, the world economy was starting to pick up in late 2019, which was aborted when the Covid Crash hit.  And fibre prices faithfully pick up that abortive little uptick.

Right now, like the manufacturing PMI (and "flash" services, too, which look to have peaked), fibre prices are falling.