We have regularly talked of the headwinds facing the US economy and particularly its manufacturing sector. Weak global growth in an environment of dollar strength is creating a tough environment to export into and a long and fraught trade battle is amplifying the downside risks for growth. This was clearly evident in the ISM manufacturing survey, which posted its weakest reading for 10 years. The direct implication is that profitability is under threat and businesses are becoming more nervous about the economic outlook and are pulling back on investment and hiring. The upcoming data is likely to highlight that the ... (full story)