On the heels of rebounds across various regional Fed surveys, Chicago’s PMI survey rebounded from recession-signaling lows in July, jumping from 44.4 to 50.4 (back into expansion) in August.
Source: Bloomberg
5 of the components rose in July (the most since Feb)
-
Prices paid rose at a faster pace, signaling expansion
-
New orders rose and the direction reversed, signaling expansion
-
Employment fell at a slower pace, signaling contraction
-
Inventories fell and the direction reversed, signaling contraction
-
Supplier deliveries rose at a slower pace, signaling expansion
-
Production fell at a slower pace, signaling contraction
-
Order backlogs rose and the direction reversed, signaling expansion
-
Business activity has been positive for 8 months over the past year.
This follows regional Fed surveys rebound…
Source: Bloomberg
So everything is awesome again? What happens when Powell disappoints in September?
via ZeroHedge News https://ift.tt/32f7ljF Tyler Durden