![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIKnC_Aa1s_TCxMLauOonW-F1-fd6uHPVLAoS5NhunXkv_sS9m-yjxqVrhCdjLpL0WEUDrL9we7PWH7dj9MpVqjDd0y38buLD-fLIyWGqldsAGW8GKUshTgxXwF43NYFevYjxV/s280/outofbusiness.jpg)
The level of non-financial commercial paper outstanding is now declining at an annual rate of 50.11% and has just breached its prior low standing now at just over $101 billion.
A contracting non-financial commercial paper market indicates contracting business activity and likely suggests that the job market is still weakening.