### Comment:
Manufacturing is 10% but it’s a lead indicator on services. Google yourself a ISM mfg and ISM svcs charts and overlay on recession dates. Ignore at your own risk.

### REPLY:
I just did as you suggested and I'm not convinced, looking at the PMI charts. We're on the lower end, I agree, but we're also still in ranges we've had since 2015. I'm firmly bear gang and I think rug pull is inevitable but I will only agree it's a lead indicator, not that it's a signal the recession is a few months away.

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