### Comment:
You're right that it is still expansionary. But it's going down way too quickly. Economists expected the PMI to go down to 57.7 in December, from 59 in November. Instead, the actual number is 54.1. Combine that with the fact that the PMI in China also missed estimates and you have a very good warning sign that economic activity is slowing down a lot faster than most people realize.

### REPLY:
That's about what I figured.

### END.