January has been broadly negative for survey-based sentiment as hopeful expectations have been dashed again and again, but Chicago PMI beat, printing 65.7 (64.0 exp) but dropped from December.
The headline Business barometer rose at a slower pace, signaling expansion
Under the hood, things were mixed:
- Prices paid rose at a faster pace, signaling expansion
- New orders rose at a slower pace, signaling expansion
- Employment rose at a faster pace, signaling expansion
- Inventories rose at a slower pace, signaling expansion
- Supplier deliveries rose at a faster pace, signaling expansion
- Production rose at a slower pace, signaling expansion
- Order backlogs rose at a slower pace, signaling expansion
Not a pretty picture so far for surveys in January…
- Empire Fed Miss (Lower)
- Philly Fed Miss (Lower)
- Richmond Fed Miss (Lower)
- Markit US PMI Miss (Lower)
- Dallas Fed Beat (Higher)
- Chicago PMI Beat (Lower)
Which has sent ‘soft’ survey data surprises notably lower…
via RSS http://ift.tt/2DYYaLZ Tyler Durden