H/T to the Hussman Funds Weekly Market Comment:
"With the November Philly Fed index surprisingly plunging to -10.7 (from 5.7 in October), the new orders component of the Chicago PMI plunging to 45.3 (from 50.6 in October), and industrial production contracting from its peak in July, neither leading nor coincident indicators are providing much assurance of economic strength. The response has been to focus on historically lagging indicators like payroll employment (see last week’s Bloomberg interview with Lakshman Achuthan of ECRI, where his recession concerns were repeatedly dismissed by citing employment as a counter-argument)."
ISM's November Manufacturing Index (PMI) Declines to Lowest Level Since July 2009, $IYT Underperforming Indexes (December 3, 2012)
Chicago Fed National Activity Index Fell in October, Macro Links (Nov 26, 2012)