Posted on 05/31/2024 1:15:25 PM PDT by Kaiser8408a
Not so Sweet Home Chicago!
After unexpectedly slumping last month to 37.9, the Chicago PMI index cratered even more unexpectedly in May, when it defied hopes of a rebound to 41.5, and instead tumbled even more, sliding to a cycle low of 35.4 which was not only below the lowest estimate, but was staggeringly low. To get a sense of just how low, the last two times it printed here was during the peak of the covid and global financial crises…
… which seems to suggest that at least according to Chicago-based purchasing managers, the economy is in a depression.
This is how the final number looked relative to expectations.
Looking at the report we find the following:
Business barometer fell at a faster pace; signaling contraction
Prices paid rose at a slower pace; signaling expansion So we have not just a depression, but a stagflationary depression in which everything else is going to hell, except prices: they keep on rising
On the good news front, REAL Gross Domester Income rose to 1.5%.
As copper prices keep on rising. Which is bad news for Biden’s shift to EVs! (Once again, Biden is driven around in gas guzzling Chevy Tahoes/Suburbans and owns a Chevy Corvette). There isn’t enough copper production to build the EVs that Biden wants.
Biden drove his Chevy to the STRATEGIC PETROLEUM RESERVE and the reserve was dry. And them good old Democrats were drinkin’ whiskey and rye after a New York Jury found Trump guilty of 34 felony counts, despite there not being any laws broken.
I have testified and sat through many trials in New York city and have never seen a court case quite like the one the Trump lost with the Judge effectively telling the jury to find Trump guilty.
(Excerpt) Read more at confoundedinterest.net ...
Copper prices:
As of May 30, 2024, the current price of copper is $4.68 per pound.
Yeah but suppose I don't want to be a Gross Domester.
That's a lousy job.
Bidenomics baby…enjoy the suck…vote blue…
I would love to see prices crash!
Democrats and associate Democrats(AKA RINOs)
need to be brought back to reality.
Million dollar homes are crazy!
I built my daughter a 3 bdr house in Hawaii
for $80,000. That is less than many trucks cost!
Trump's fault!
38 years selling process equipment-—it’s a disaster. I have never experienced business this bad. During Obama (2015 and 2016) it was slow, but we still made some sales. During Trump I was selling $3-$4 million a year-—the last 1.5 years I sold a total of $700K....We just had another round of layoffs. If business does not pick up, it won’t be layoffs it will be a company closure. They started the business in 1932-—during the great depression. That’s how bad things are now...
It just sounds, well, gross!
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