After tumbling through March and stabilizing in April, Chicago PMI rebounded in May printing a better-than-expected 62.7, despite the ongoing slump in ‘hard’ actual economic data.
May’s PMI print was above the highest analyst forecast (forecast range 56.6 – 62 from 30 economists surveyed)
Under the hood, everything is awesome:
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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 faster pace, signaling expansion
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Inventories rose at a faster 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 and the direction reversed, signaling expansion
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Business activity has been positive for 12 months over the past year.
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Number of components rising vs last month: 6
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