With 'soft' survey data having plunged to 10-week lows, as 'animal spirits' fade…
Chicago Purchasing Managers' Survey saved the day with a resurgent 'bucking the trend' leap to 58.3 – the highest since Jan 2015.
At the high end of all estimates – forecast range 54 – 58.4 from 38 economists surveyed…
Under the covers:
- Prices paid rose at a slower pace, signaling expansion
- New orders rose at a faster pace, signaling expansion
- Employment rose and the direction reversed, signaling expansion
- Inventories rose at a slower pace, signaling expansion
- Supplier deliveries rose at a faster pace, signaling expansion
- Production rose at a slower pace, signaling expansion
- Order backlogs fell at a faster pace, signaling contraction
- Business activity has been positive for 12 months over the past year.
It seems we should ignore hard data like GDP and just pay attention to what 'managers' think?
via http://ift.tt/2qehwWE Tyler Durden