This is the most important chart for China currently. The NBS PMI showed jobs contracting at a quicker pace in June (46.9) – the weakest since the 2009 GFC slump. The service PMI jobs also looks weak. The authorities cannot stand by and let the jobs market deteriorate much more pic.twitter.com/DnP0v6T0bA

— Albert Edwards (@albertedwards99) July 1, 2019