The author explains the significance of the latest purchasing managers indexes that indicates little growth in the US economy which in the past 30-40 years has been artificially stimulated by the constant use of credit steroids.
...the share of production costs received by US workers as wages, salaries and benefits was driven down throughout the era of corporate globalisation. In the wake of the 2007/8 credit crisis it plummeted to a historic low of 58% in 2010 even as corporate profits soared. US workers, the so-called “middle-class”, can no longer afford to be the pumped-up credit-enhanced consumers who used to absorb so much of the world’s output.