Despite some rebounds in regional Fed surveys, Chicago PMI has fallen for five of the seven months so far in 2019, collapsing in July to 44.4 – the second weakest since the financial crisis.
This is the worst drop since the financial crisis.
This was dramatically below the 49.5 lowest analyst estimate.
Only 2 components rose month-over-month and New orders, Employment, Production and Order Backlogs all contracting
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Business barometer fell at a faster pace, signaling contraction
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Prices paid rose at a slower pace, signaling expansion
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New orders fell at a faster pace, signaling contraction
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Employment fell and the direction reversed, signaling contraction
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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 fell and the direction reversed, signaling contraction
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Order backlogs fell at a slower pace, signaling contraction
This is the worst start to a year for Chicago PMI in at least 30 years…
Time to cut rates!!
via ZeroHedge News https://ift.tt/314dxuj Tyler Durden