This is a no brainer, the USA is losing it's manufacturing base.

The Purchasing Managers' Index (PMI) (click here) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. It consists of a diffusion index that summarizes whether market conditions, as viewed by purchasing managers, are expanding, staying the same, or contracting. The purpose of the PMI is to provide information about current and future business conditions to company decision makers, analysts, and investors.

The glowing job report ain't so glowing. Wages are stagnant and the manufacturing sector is shrinking. That is less disposable income which is indicated in the slow down. The Fed is dumping huge amounts of money into the market to compensate. The numbers indicate a healthy economy, but, it is artificially supported. Wall Street is having a good day, but, the people aren't.

Anything (click here) below 50 is contraction and getting lower below 50 is an increase in that contraction.

...The index dropped from 49.1 in August to 47.8 in September, weaker than our below-consensus forecast. This is the second consecutive month the ISM has been below its neutral threshold of 50, but the good news is that the index remains well above its recession threshold of 42.9. The details weakened, as production and employment dropped in September. New orders were little changed and remained below 50. All told, manufacturing in the U.S. is likely in recession, but as long as the consumer hangs in, the economy can weather the problems in manufacturing....

October 4, 2019
By Emily McCormick

...Employment changes in manufacturing turned negative (click here) in September, consistent with a recent contraction reported in manufacturing sector activity. The sector lost 2,000 payrolls during the month, versus a tepid gain of 3,000 expected....

The pay rate has flatlined because the USA is losing it's good paying jobs. 

October 3, 2019

The services sector (click here) continued its expansion in September but at a considerably slower pace than expected, according to the ISM Non-Manufacturing Index released Thursday.

The closely watched measure came in at 52.6, compared with an expected reading of 55.3 from economists surveyed by Dow Jones. It was the weakest reading since August 2016....