Living on debt.

"PWC's latest 'Pulse Survey' showed that 61% of executives polled expect to see the US economy fall into a recession over the next six months. What is worrying is that this figure is up from 49% in the June report." ET. "The US economy grew at a healthy 2.8% annual rate from July through September, with consumers helping drive growth despite the weight of still high interest rates." "Despite widespread predictions that the economy would succumb to a recession, it has kept growing, with employers still hiring and consumers still spending." ET. "US manufacturing activity slumped to a 15-month low and factories faced higher prices for inputs," as "PMI fell to 46.5% last month, the lowest level since July 2023." "A PMI reading below 50 indicates contraction in the manufacturing sector, which accounts for 10.3% of the economy." Reuters. "For much of the past half-century, economic life in the heart of North Carolina has been dominated by factory closings, joblessness and downgraded expectations." "Yet over the last few years, an infusion of investment in cutting edge industries such as biotechnology, computer chips and electric vehicles has lifted fortunes of long-struggling communities." Nearly one-third of $736 billion in investment is "flowing into communities that experienced the worst effects of the so-called China Shock." ET. The so-called Magnificent Seven - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla - have a combined market cap of over $16 trillion. Reuters. "The (US) Federal Reserve cut interest rates by a quarter of a percentage point...as policymakers took note of a job market that has 'generally eased' while inflation continues to move towards the US central bank's 2% target." ET. Europe, on the other hand, is growing more slowly. "Year-on-year, the Eurozone GDP expanded 0.9%, the best performance since Q1 2023, compared to a 0.6% rise in the previous quarter and higher than forecasts of 0.8%. The ECB expects the GDP in the Eurozone to expand 0.8% this year." Trading Economics. Worse maybe yet to come. "President-elect Donald Trump's proposed protectionist policies, including hefty tariffs, will hurt Europe's economic standing - leaving crisis-hit Germany particularly vulnerable, Goldman Sachs predicts. Following Trump's re-election, the investment bank cut its growth forecast for the region, predicting fresh trade tensions with the United States, pressure on Europe to increase defense spending and a hit to business confidence from higher geopolitical risk." CNN. In 1986, George Soros warned that the stock market rally in the US was diverting attention from ballooning debt. Now, "The Committee for a Responsible Federal Budget reckons that by 2035 President-elect Donald Trump's campaign plans will add up to $15.6 trillion to the US public debt." What is worse is that "The International Monetary Fund calculates that global public debt this year will breach $100 trillion, or 93% of world GDP, and predicts it will hit 100% by 2030." Reuters. Recession in the US may reduce imports. How will other countries manage their debts? Worrying. Very.