Manufacturing Rebound? Signals Are Mixed Even Before The Virus

Weakness in the United States and especially global manufacturing was a challenge for global growth in 2019 and a big challenge for corporate earnings growth. Global growth will likely finalize at 3.1% in 2019 or about a half point lower from the already slowing 3.7% rate of 2018. Corporate earnings were flattish to down worldwide, with declines in manufacturing-sensitive economies such as Japan and Europe, but slightly positive earnings growth in the United States.