Economics
Record Drop in Morgan Stanley Gauge Sounds Economic Alarm
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A U.S. business conditions gauge compiled by Morgan Stanley dropped this month by the most on record to the lowest since 2008, adding to recent signs that the world’s largest economy is slowing.
Indicators from services to manufacturing and hiring all cooled, dragging the headline index to 13, far below the 33 threshold consistent with positive real economic growth, economists led by Ellen Zentner wrote in a note.