Posted on 05/31/2023 8:56:11 AM PDT by Kaiser8408a
Sweet Home Chicago!
After the unexpected resurgence in April, Chicago PMI plunged in May from 48.6 to 40.4 (against expectations of 47.3). That is the ninth straight month below 50 (in contraction)…
Source: Bloomberg
That is the longest streak of prints in ‘contraction’ since the Great Financial Crisis.
Under the hood, none of the underlying drivers were higher MoM…
Prices paid rose at a slower pace; signaling expansion New orders fell at a faster pace; signaling contraction Employment fell and the direction reversed; signaling contraction Inventories fell at a faster pace; signaling contraction Supplier deliveries rose at a slower pace; signaling expansion Production fell at a faster pace; signaling contraction Order backlogs fell at a faster pace; signaling contraction This continues a trend of ‘soft’ survey data disappointing notably.
(Excerpt) Read more at confoundedinterest.net ...
Philippine Maritime Institute?
Pre-Menstrual Irritation?
“Unexpectedly!”
Everyone take a drink!
Also:
“The Dallas Fed general business activity index for Texas’ service sector fell to -17.3 in May of 2023 from -14.4 in April, worse than market forecasts of -16, in a sign perceptions of broader business conditions continued to worsen. Decreases were seen in employment (4.2 vs 5.5), input prices (31.8 vs 35.5) and wage pressures (16.6 vs 18.4) while activity growth was steady (revenues index at 6.9 vs 6.9 in April). Also, capital expenditures increased slightly (11.5 vs 10.3). Meanwhile, the company outlook index worsened a bit to -9.5 from -9.4 and the outlook uncertainty index fell to 15.8 from 16.1. At the same time, the future general business activity index decreased to -13.2 from -13. source: Federal Reserve Bank of Dallas”
Purchasing Manager’s Index. Basically an economic indicator for how manufacturing and sales are doing.
Pre-coding Matrix Indicator
I knew it!
Boring!
OP blew his chance to define his acronym. I’m going with Chicago Pastrami Makers Institute.
Thanks, rightwing, ... so PMI is a tool provided to Purchasing Managers to assist them in purchasing the proper amount of stock or hiring the proper staff to serve the predicted sales?
The purchasing managers provide the data, it is not a tool for purchasing managers. It’s a regular monthly economic report.
Here’s an economic indicator/report calendar for anyone that’s interested.
Years? Try decades.
I’m not sure if I understand this.
Are you talking about retail sales for goods and services in Chicago?
What is manufactured in Chicago? Very little.
This is compared to what?
What was it ten years ago?
What has happened to home sale values?
Have taxes gone up in the past five years?
It measures a whole range of things. Not just manufactured goods, but inventories on hand, sales orders, etc. It is compared, just like with any index, against itself from other time periods. And yes, there is quite a bit manufactured in Chicago, or in the Chicago area. There are some big companies like Motorola, Abbott Labs, ConAgra, ADM and Caterpillar based in Chicagoland.
Sorry, your question exceeds my competence in the matter. I’ve been shooting for polymath, but so far I’ve had to settle for dilettante.
Caterpillar has offices in Chicago. I hear they plan to move. They have no manufacturing in Chicago. It’s in Aurora and Joliet, if any.
The others you mentioned, I can’t know.
The bottom line is the article is worthless, as it really doesn’t tell us what the numbers were 5 or 10 years ago etc.
I left downtown Chicago after my mother and aunt died about 5 years ago. I haven’t looked back.
Naturally, I still want to know how things are.
IT seems like we definitely know crime is up, but how about property values in downtown Chicago. Are people still paying top dollar for all the high rise condos?
Have taxes gone up?
I heard 40% occupancy of retailers on Michigan Ave.? That can’t possibly be true.
“It’s in Aurora and Joliet, if any.”
Which are generally considered part of the Chicagoland area, and these indixes usually are taken over the whole metropolitan area, not just within the city limits. The CPI range for Chicago even extends to Kenosha, Wisconsin and Gary, Indiana, for example.
“how about property values in downtown Chicago. Are people still paying top dollar for all the high rise condos?”
Oh yeah, prices downtown and on the Gold Coast are still high, for the residential stuff at least. Commercial real estate is not at San Fransisco levels of Armageddon yet, but a lot of businesses downsized with the “work from home” trend, and a lot of retail, if it is still open, is probably still trying to catch up on rent they owe their landlords from the pandemic. We have commercial tenants who basically owe us 2 years of rent, but it’s not worth it to evict them because we would probably not get another tenant in there to replace them.
Are you sure of the values?
I looked at some of the listed real estate.
The glaring thing is that you have so many properties listed.
I don’t see a lot of condo properties that were selling at $1 million dollar five years ago. It looks like a buyer’s market.
IOWs, if you bought a luxury condo for $800,000 five years ago, I don’t think you’d be getting your money out of it.
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