Early Update -Recession Fears Creeping In

11:50 a.m. ET The recessionary concerns are ramping up fast. First there was weak manufacturing data from China for a second month. Then the Chicago PMI fell to 40.4 in May (consensus 47.3) from 48.6 in April. A reading below 50 represents contraction and this particular data series has been in contraction now for 9…