The Empire Fed's manufacturing PMI absolutely plummeted in January 2024. While it may be just one region for one month, these numbers are some of the worst on record and convincingly add to the growing list of evidence that the US economy is heading into the non-linear part of the recession process. Eurodollar University's Money & Macro AnalysisBloomberg Germany Narrowly Escapes Recession But Outlook Remains Toughhttps://www.bloomberg.com/news/articles/2024-01-15/germany-s-economy-shrank-last-year-for-first-time-since-pandemicNYT Recession: Some Criteria Missing, So Far (1974)https://www.nytimes.com/1974/08/28/archives/recession-some-criteria-missing-so-far-there-will-be-no-recession.htmlhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU