STAGFLATION IS ALSO THREATENING THE UNITED STATES 2/3

March data reveals a stark divergence between a resilient "Made in USA" industrial sector and a services sector buckling under energy costs. While the Composite PMI remains in expansion at 51.4, the services component is teetering on contraction as soaring gasoline prices act as a direct tax on discretionary spending. This sudden loss of industrial velocity suggests that the region's brief recovery phase has already peaked.