August purchasing managers' indices show that global manufacturing activity is weak.
| July | August | Change | |
| US | 50.0 | 49.9 | - |
| Eurozone | 47.4 | 47.6 | + |
| Japan | 47.0 | 46.9 | - |
| UK | 44.1 | 45.9 | + |
| China | 53.3 | 49.2 | - |
| July | August | Change | |
| Global PMI | 49.0 | 48.6 | - |
| Output | 49.4 | 48.5 | - |
| New Orders | 46.0 | 46.8 | + |
| Input Prices | 80.9 | 73.2 | - |
| Employment | 50.1 | 49.3 | - |
It looks like it's time to cut interest rates. From Bloomberg:
Australia's central bank cut its benchmark interest rate for the first time in seven years amid signs the nation's $1 trillion economy is slowing.
Governor Glenn Stevens and his board reduced the overnight cash rate target by a quarter point to 7 percent in Sydney today, as forecast by 22 of 23 economists surveyed by Bloomberg News.
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