With ‘hard’ real economic data slumping to its weakest since Nov 2017, ‘soft’ survey-based views of the economy have once again surged, ever-hopeful that the real recovery is right around the corner and stagnation in real wages (as inflation lowers the quality of American-dreamers’ lives) is about to end…
And building on that rising ‘soft’ survey data is today’s Chicago Purchasing Managers Index which, despite dropping from July’s 65.5 level, beat expectations of 63.0 and printed 63.6 (only lowest since April)…
Chicago PMI printed near the middle of the forecast range of 61 – 66.2 from 25 economists surveyed.
The number of components rising vs last month was only 3.
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Business barometer rose at a slower pace, signaling expansion
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Prices paid rose at a slower pace, signaling expansion
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New orders rose at a faster pace, signaling expansion
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Employment rose at a slower pace, signaling expansion
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Inventories rose and the direction reversed, signaling expansion
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Supplier deliveries rose at a slower pace, signaling expansion
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Production rose at a faster pace, signaling expansion
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Order backlogs rose at a slower pace, signaling expansion
So production and new orders accelerated BUT employment and prices paid slowed? ok…
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