JOYY - Not Just Where They Are Where They Seem To Be Heading

• The PMI numbers aren’t terrible, but despite where they now are, these are verging closer to comparisons which could be – and several already have been - concerning.
• The Institute for Supply Management reported a headline of 57.6 for January 2022. That was down 1.2 pts from December 2021’s 58.8 but doesn’t seem like much of an issue, as the economy was bound to slow down from its frenetic earlier 2021 pace.
• The Fed Reserve’s regional manufacturing surveys suggest this economic sector might be faring slightly worse still. The average here declined from 17.12 in December to just 8.18 for January.

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