Chicago PMI beat expectations, printing at 65.5 – the highest economist forecast in the range – to its highest since January 2018.
Under the hood, everything looks awesome (prices continue to increase):
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Prices paid rose at a faster 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 fell and the direction reversed, signaling contraction
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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 faster pace, signaling expansion
But Chicago’s PMI is just the latest in a series of ‘soft’ surveys that indicate a rebound as real hard economic data disappoints…
Which do you trust?
via RSS https://ift.tt/2NVJ9Mk Tyler Durden