On one hand, the U.S. labor market is strong. On the other hand, we’ve seen two consecutive quarters of GDP contraction. So, is this a “real” recession, or even a “technical” recession? And what data will signal a material breakdown in the labor market? Peter Boockvar, the chief investment officer of Bleakley Advisory Group, joins Real Vision’s Andreas Steno Larsen to share his insights on recent PMI data from both the Institute of Supply Management and S&P Global, noting the contrast between the readings in the two reports. Peter explains how the S&P Global takes into account small and mid-size enterprises (SMEs) as well as larger corporations, unlike the ISM, and breaks down why SME health is a leading indicator for larger companies, corporate earnings, and labor. He also addresses the price pressures SMEs face, such as energy, and how spill-over effects in Europe and Asia will impact the U.S. economy. Recorded on September 6, 2022.