the drivers of the weakness are the Baltic Dry Index, Global PMIs, Global New Orders Less Inventories, and Goldman's Aussie and Canadian Dollar TWI. ( see Swirlogram post )
The "Swirlogram" is divided into four quadrants: Recovery and Expansion on the topside, Contraction and Slowdown on the bottom side. If the points are plotted, they tend to swirl around from the topside to the bottomside and back again in a cycle.
But there's been talk about a slowdown for a while now. Who do you believe? Me or your lying eyes? ( joking )
Seriously, this looks like the real deal. And it was created by Goldman Sachs, so there you are.
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