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Editor's Note: The chart and brief excerpt below are from this morning's Early Look. If you're interested in becoming a subscriber click here to learn more.

Continued Chinese Growth Data, Or Lack Thereof – Don’t worry, it’s only “temporary.” So, if you were on vacation this week and missed it, that’s fine.  But the August Caixin Flash manufacturing PMI number from China came in at 47.1 for August.  This is lower than expectations of 48.2 and a sequential decline from July’s reading of 47.8.   In addition (not to pile on of course) this was the lowest reading since March 2009 and all of the key sub-indexes decreased at a faster pace than in July.

CHART OF THE DAY: Continued Chinese Growth Data (Or Lack Thereof)  - Z CHART OF DAY 08.21.15 chart