The good news – another 'soft' survey data item inches to a new post-Trump high as Chicago PMI rises to 57.7 – highest since Jan 2015. However, the bad news is that exuberant hope is not translating into hard reality as the employment sub-index collapsed into contraction.
The 57.7 print beat expectations of a modest decline to 56.9, but the employment component crashed from 57.7 to 49.9 – into contraction.
Business barometer rose at a faster pace, signaling expansion
- Prices paid rose at a slower pace, signaling expansion
- New orders rose at a faster pace, signaling expansion
- Employment fell and the direction reversed, signaling contraction
- Inventories rose at a faster pace, signaling expansion
- Supplier deliveries rose at a faster pace, signaling expansion
- Production rose at a faster pace, signaling expansion
- Order backlogs fell at a slower pace, signaling contraction
- Business activity has been positive for 12 months over the past year.
via http://ift.tt/2ogXJF2 Tyler Durden