There was a slight uptick in the big-5 whole economy PMI in January (provisional data), but the trend remains down. All three PMIs remain above the 50% recession line, but not by a lot. Implication: stagnation continues. We'll get a slightly better picture when S&P Global releases PMIs for Brazil, Russia and China. The Big-5 PMI is the GDP-weighted average of PMIs for the USA, the UK, the eurozone, Japan and India.
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