1. Exquisite Tweets from @faisalislam

    PreoccupationsCollected by Preoccupations

    Ok very simply, for confused folk .... 1. Sharp fall of PMI into of leading indicator of GDP (dark blue line) pic.twitter.com/OZwf2bxPzz

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    faisalislam

    Faisal Islam

    2. Below 50 on the PMIs is widely defined as recession territory but not always... This was 47.7 - was way below

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    Faisal Islam

    3. The dark blue line is the PMI, a survey of the intentions of purchasing managers - it is a good indicator of the light blue boxes -GDP

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    faisalislam

    Faisal Islam

    4. The PMI picked up the 2008 recession very early, picked up flattening of growth in 2012 too. BOE rate setters respond to it as well

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    faisalislam

    Faisal Islam

    5. PMI slump driven by record falls in indices for new orders, output &service business expectations from July 12-21

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    Faisal Islam

    6. PMI's chief economist says that participants "most commonly attributed" the slump to Brexit -

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    Faisal Islam

    6. Reporting PMIs is not "talking the country down" - accurately reflecting important indicator of key private economic decision makers...

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    Faisal Islam

    7. very odd to get personal abuse for reporting PMI. I thought post-indyref Oil price deniers were off the wall, but we've usurped that now

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    Faisal Islam

    8. One of the reasons reporting PMIs is v important, it helps viewers understand decisions of Bank of england and Treasury re stimulus etc

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    Faisal Islam

    9. At the same time as UK fell to 47.7, German PM up to over 55, France up to just over 50

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    Faisal Islam

    10. Let's hope it's no recession. If you're angry at "doom laden PMI" then speak to a purchasing manager - or persuade someone to buy a car

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    faisalislam

    Faisal Islam