Posted on 03/28/2024 11:11:01 AM PDT by Kaiser8408a
Chicago Illinois used to be a shiny toy.
Soft’ survey data has been a bloodbath this week with regional Fed surveys all slumping and this morning’s Chicago PMI uglier than all expectations.
That smashed ‘hope’ – the spread between hard and soft data – back to cycle lows…
Source: Bloomberg
Today’s Chicago PMI plunged to 41.4 – its lowest since May 2023 – from 44.0 (and well below the expected bounce to 46.0)…
Source: Bloomberg
That was below all analysts expectations for the second month in a row…
Source: Bloomberg
Under the hood was even more problematic:
New orders fell at a faster pace; signaling contraction Employment fell at a slower pace; signaling contraction Inventories fell at a faster pace; signaling contraction Supplier deliveries fell and a faster pace; signaling contraction Production fell at a faster pace; signaling contraction Order backlogs fell at a slower pace; signaling contraction Worse still, Prices paid rose again!
So, in summary: slower growth, declining production, shrinking orders, falling employment… and accelerating inflation – is it any wonder that ‘soft survey’ data is collapsing – not exactly election-winning headlines.
(Excerpt) Read more at confoundedinterest.net ...
What is PMI ?
Production Manufacturing Index ?
What is PMI ?
Premenstrual Issues
Last week was all about how the fed pulled of the miracle soft landing. Uh, maybe not.
Uh-Oh! They used the word “bloodbath” in the story; they must be cancelled!
Purchasing Managers Index
“Today’s Chicago PMI plunged to 41.4 – its lowest since May 2023”
Dow up 22% since 5/23.
p
The PE ratio of the SP500 is around 28.62. That’s up from 19 a year ago. That is very optimistic.
” It appeared that there had even been demonstrations to thank Big Brother for raising the chocolate ration to twenty grammes a week. And only yesterday, he reflected, it had been announced that the ration was to be REDUCED to twenty grammes a week. Was it possible that they could swallow that, after only twenty-four hours? Yes, they swallowed it.”
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