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Friday, August 19, 2022

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Chicago PMI Unexpectedly Plunges To 2-Year Lows

Against expectations of a modest decline, the Chicago PMI for July tumbled from 56.0 to 52.1 (well below the 55.0 expected) – the worst in 2 years…

Source: Bloomberg

Under the hood, only 2 components rose from last month:

  • Prices paid rose at a faster pace; signaling expansion

  • New orders fell at a faster pace; signaling contraction

  • Employment rose at a faster pace; signaling expansion

  • Inventories fell and the direction reversed; signaling contraction

  • Supplier deliveries rose at a slower pace; signaling expansion

  • Production fell and the direction reversed; signaling contraction

  • Order backlogs fell and the direction reversed; signaling contraction

That has a very stagflationary stench to it.

This post was originally published on this site

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