After a 3-month collapse, Chicago PMI rose very modestly in April to 57.6 (from 57.4 in March) but missed expectations (58.0).
However, year-over-year, Chicago PMI fell 1.1 points – the first decline since Jan 2017.
While the headline index managed a very small gain (only 3 subcomponents rose from last month):
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Prices paid rose at a faster pace, signaling expansion
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New orders rose at a slower pace, signaling expansion
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Employment rose at a slower pace, signaling expansion
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Inventories rose at a slower pace, signaling expansion
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Supplier deliveries rose at a faster pace, signaling expansion
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Production rose at a faster pace, signaling expansion
But:
- Order backlogs fell and the direction reversed, signaling contraction
Did the trend just change?
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