Last week we wrote that the global economy looked good based on PMI numbers. Based on economic numbers since then, that might not be the case. Looking at prices, in China the Producer Price Index (-1.1%) declined and in Germany the Wholesale Price Index declined (-.7%). Looking at production numbers, Germany posted a 1.8% decline, the UK had an industrial decline of .7% and a manufacturing decline of 1.3%, France had an industrial decline of 1.7% and Italy declined by 1.2%. Unemployment numbers were not favorable in Australia and Canada.

However, on the flip side, Composite Leading Indicators continued positive for most countries as reported by the OECD for May, which was the most recent month reported.