After unexpectedly collapsing in April (to Jan 2017 lows), MNI’s Chicago PMI rebounded modestly in May, from 52.6 to 54.2 (slightly above expectations of 54.0).
Under the hood, only 4 components rose from last month.
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Business barometer rose at a faster pace, signaling expansion
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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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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 rose at a faster pace, signaling expansion
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Order backlogs fell and the direction reversed, signaling contraction
‘Soft’ Survey data continues to be unsupportive of the hope priced into stocks…
But then again, so is everything except global money supply.
This data comes after dismal China PMI data and weak German retail sales and CPI.
via ZeroHedge News http://bit.ly/2wEQMQJ Tyler Durden