Conditions in the global manufacturing sector worsened at the end of the second quarter. June saw output fall back into contraction territory following a further decrease in new order intakes. This led to a more cautious approach from manufacturers, with purchasing cut back sharply, inventory destocking, employment broadly flat and business optimism dipping to a seven-month low.
The J.P.Morgan Global Manufacturing PMI™ – a composite index produced by J.P.Morgan and S&P Global in association with ISM and IFPSM – posted 48.8 in June, a six-month low and down from 49.6 in May. The PMI has signalled a worsening in operating conditions for ten consecutive months. – S&P Global
Global Macro Monitor 
Okay, so the bad guys are doing just fine thank you very much, while the rest of the world slips into recession. How is that even possible let alone fair?
And who are the “bad guys”?
Says I already said that. I don’t believe that’s the case.
(Wage) inflation bites?
My priors are the demand for durables was moved forward during the pandemic. Probably need a few more quarters to get back to a steady state.