One month ago, the Chicago PMI soared, printing at 56.2, far above the highest estimate. It was not meant to be, and printing moments ago at 48.7, a mirror image of last month, as this time it printed below the lowest estimate of 49, with consensus expected a 54.0 print.
And the sellside proving it is useless once again: here are the October and November forecasts and the actual print.
Confirming that that US is indeed in a manufacturing recession is the starting fact that the PMI has been below 50 (shrinking) for more months in 2015 (6) than it has been above this expansionary threshold.
The weakness was broad based, with New Orders (down 15.3), Prices Paid, Production, and Inventories all falling. There was some good news as Supplier Deliveries, Employment and Order Backlogs posted modest increases.
Here is the breakdown from MarketNews:
Related Posts
Gasoline Prices Surge After Colonial Pipeline Shutdown, East Coast Fuel Shortages Loom
Three Trends For The Next 50 Years
Weekend Reading: Being Too Busy To Read
Nigeria’s Web3 education efforts seek to tackle language challenges
7 Investing Rules To Turn $1,000 Into $28,000 In 13 Years – Peter Lynch- E
Markets: Very Close
Leave A Comment