The United States: The spread between job gains for workers vs. managers (especially in cyclical sectors) declined last month. If the trend continues, it would indicate that we are in the late phase of the economic cycle.
China: Are capital outflows picking up again?
The Eurozone: Central banks are increasing their allocations to the euro (at the expense of the dollar).
Credit: Private-equity-owned companies have “top heavy” balance sheets, with leveraged loans forming a greater portion of the capital structure.
Emerging Markets: The Philippine trade deficit hits a new record.
Global Developments: Bank stocks are struggling around the world.
Food for Thought: Mobility within the US continues to decline.
Edited by Joseph Cohen
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