--- title: "Fireside Charts: CLO Market Continues to Climb, and U.S. Sees Modest Manufacturing Recovery Despite Global Slowdown" description: Market highlights in charts - Earnings reports remain mixed as the U.S. sees modest manufacturing recovery, despite disappointing global PMIs. image: https://1782947.hs-sites.com/hubfs/10.25%20chart%208.png --- - [Login](http://investbcm.com/wp-login.php) - [Register](http://etf.investbcm.com/register) [![Beaumont_Logo_4C - powered by AIM](https://1782947.hs-sites.com/hs-fs/hubfs/Beaumont_Logo_4C%20-%20powered%20by%20AIM.png?width=429&height=254&name=Beaumont_Logo_4C%20-%20powered%20by%20AIM.png)](http://investbcm.com/) **A Bird's Eye View Blog** # Fireside Charts: CLO Market Continues to Climb, and U.S. Sees Modest Manufacturing Recovery Despite Global Slowdown By:[BCM Investment Team](http://1782947.hs-sites.com/author/bcm-investment-team) | Date:Oct25, 2019 | [Category:](http://1782947.hs-sites.com) [Equity](http://1782947.hs-sites.com/topic/equity), [Economics](http://1782947.hs-sites.com/topic/economics), [Market Highlights](http://1782947.hs-sites.com/topic/market-highlights), [Fireside Charts](http://1782947.hs-sites.com/topic/fireside-charts) Earnings news remains mixed as we head into the weekend, with S&P profits dropping only ~1.2% so far—significantly less than the projected 4%+—and economic behemoth [Amazon](https://www.cnn.com/2019/10/24/tech/amazon-q3-earnings/index.html) suffering a ~7% after-hours loss after posting its first quarterly profit decline in over two years. Investors remain hungry for returns though (and apparently willing to gamble on riskier assets), which could explain why the risky CLO market has more than doubled in the past decade to top $660 billion. Could this spell trouble? A modest domestic manufacturing recovery and decline in first-time unemployment applications are positive signs, but we'll be keeping an eye on the major LEIs—especially given the state of global manufacturing, where reports from Germany, the Eurozone, Japan, and Mexico paint a less-rosy economic picture.    1. Did we learn nothing from 2007-09?   ![U.S. CLO Market](https://1782947.hs-sites.com/hubfs/10.25%20chart%201-1.png) Source: WSJ Daily Shot, as of 10/24/19     2. Good news for anyone on a recession watch...   ![initial jobless claims](https://1782947.hs-sites.com/hubfs/10.25%20chart%207.png) Source: WSJ Daily Shot, as of 10/25/19     3. Unlike most of the other Regional Fed surveys from last month, the KC Fed did not enjoy a rebound...   ![Kansas City Manufacturing](https://1782947.hs-sites.com/hubfs/10.25%20chart%209.png) Source: WSJ Daily Shot, as of 10/25/19     4. Nationally, we have a modest recovery.   ![U.S. Market Manufacturing PMI](https://1782947.hs-sites.com/hubfs/10.25%20chart%208.png) Source: WSJ Daily Shot, as of 10/25/19     5. But there is no way to sugar-coat this...   ![Germany Markit Manufacturing PMI](https://1782947.hs-sites.com/hubfs/10.25%20chart%204.png) Source: WSJ Daily Shot, as of 10/24/19     6. ...nor this.   ![Eurozone Manufacturing PMI](https://1782947.hs-sites.com/hubfs/10.25%20chart%206-1.png) Source: WSJ Daily Shot, as of 10/24/19     7. ...nor this...   ![Japan Manufacturing PMI](https://1782947.hs-sites.com/hubfs/10.25%20chart%203.png) Source: WSJ Daily Shot, as of 10/24/19     8. ...nor this...   ![Mexico Economic Activity](https://1782947.hs-sites.com/hubfs/10.25%20chart%205.png) Source: WSJ Daily Shot, as of 10/25/19     9. Is EM finally going to break out of its down-trend?   ![](https://1782947.hs-sites.com/hubfs/10.25%20chart%202.png) Source: WSJ Daily Shot, as of 10/24/19     Halloween's less than a week away—does the ghost and goblin season have you feeling "spooked" about the market? Take a look at our piece ["The Anatomy of a Bear Market"](https://1782947.hs-sites.com/hubfs/Value%20Add/Anatomy%20of%20a%20Bear%20Market%20-%20Evergreen.pdf) to know the signs of an approaching bear!   [![Full PDF: Anatomy of a Bear Market](https://no-cache.hubspot.com/cta/default/1782947/84b74170-14ba-4009-bd04-923515776e21.png)](https://cta-redirect.hubspot.com/cta/redirect/1782947/84b74170-14ba-4009-bd04-923515776e21)   Disclosure: The charts and info-graphics contained in this blog are typically based on data obtained from 3rd parties and are believed to be accurate. The commentary included is the opinion of the author and subject to change at any time. Any reference to specific securities or investments are for illustrative purposes only and are not intended as investment advice nor are a recommendation to take any action. Individual securities mentioned may be held in client accounts. 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