And initial jobless claims are worse than expected.
Additionally, it looks like China’s economy is approaching stall speed:
A key private sector indicator on Thursday, which showed Chinese factory activity slumped to a nine-month low in August against expectations of a modest pickup, throws up the question whether the worst is yet to come for the world’s second largest economy.
The second quarter, during which growth slowed to 7.6 percent, was regarded by many economists as the bottom for Chinese economic growth. However, experts say this view may have been overly optimistic.
It should be noted that while 7.6% seems to be a blisteringly hot growth rate, China has been running double digit numbers routinely for some time. (With the obvious caveat that Chinese numbers are crappy, but the delta probably remains significant.