Here's a Tweet that caught my eye regarding the "fundamental problem" in China. What about the US and EU?

...lots of questions came up about what types of jobs had been created, whether these jobs were mostly low-paid jobs in the Leisure & Hospitality sector or wherever, and whether “multiple jobholders” inflated those strong jobs numbers. So today, we’ll get into the jobs by industry. As we’ll see in a moment, jobs in retail, and Leisure & Hospitality, and State & Local Government (mostly educators) are still below where they’d been before the pandemic.

Banks, especially regional banks, made stupid bets regarding interest rates with deposits and a few went under as a result. There may be serious implications down the road, but for now, the Fed avoided a crisis. Yet, in some ways, this setup is worse. Stagnation will linger as recession or near-recession for a long time.

t really should not have been a surprise - given the weakness in Manufacturing PMIs - but headline and core US factory orders disappointed in April (today's latest data). The headline factory orders rose just 0.4% MoM (half the 0.8% MoM expected) and worse still, the March data was revised form from +0.9% to +0.6% MoM.