For the third month in a row, Chicago Purchasing Managers signaled declining optimism about business. After some hopeful bounces mid-year PMI drops to 6-month lows (58.4 vs 60.0 expectations), catching down to the ‘hard’ data reality underlying the US “strongest economy ever.”
Only 3 components rose relative to last month.
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Prices paid rose at a slower pace, signaling expansion
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New orders rose at a slower pace, signaling expansion
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Employment rose at a faster 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
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Order backlogs rose at a slower pace, signaling expansion
Reality bites…
‘Hope’ was never a business strategy…
via RSS https://ift.tt/2Q7QzNP Tyler Durden