Chicago PMI Plummets To 11 Year Low As Orders, Production Plunge
Tyler Durden
Fri, 05/29/2020 – 09:52
That wasn’t supposed to happen.
Various other cherry-picked sentiment surveys have been soaring against expectations in recent days but Chicago PMI just plummeted to its lowest level since 2009, notably below expectations…
Against expectations of a bounce back to 40.0 from 35.4, Chicago PMI tumbled to 32.3 in May…
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Prices paid rose and the direction reversed, signaling expansion
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New orders fell at a faster pace, signaling contraction
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Employment fell at a slower pace, signaling contraction
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Inventories rose and the direction reversed, signaling expansion
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Supplier deliveries rose at a slower pace, signaling expansion
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Production fell at a faster pace, signaling contraction
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Order backlogs fell at a faster pace, signaling contraction
Of course, this important sentiment signal will be shrugged off because stocks are higher this month.
via ZeroHedge News https://ift.tt/2Mcx2M2 Tyler Durden