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Chicago PMI Survey Rebounds Despite Slump In ‘Hard’ Data

Courtesy of ZeroHedge. View original post here.

After tumbling through March and stabilizing in April, Chicago PMI rebounded in May printing a better-than-expected 62.7, despite the ongoing slump in 'hard' actual economic data.

May's PMI print was above the highest analyst forecast (forecast range 56.6 – 62 from 30 economists surveyed)

Under the hood, everything is awesome:

  • Prices paid rose at a slower pace, signaling expansion

  • New orders rose at a faster pace, signaling expansion

  • Employment rose at a faster pace, signaling expansion

  • Inventories rose at a faster pace, signaling expansion

  • Supplier deliveries rose at a faster pace, signaling expansion

  • Production rose at a faster pace, signaling expansion

  • Order backlogs rose and the direction reversed, signaling expansion

  • Business activity has been positive for 12 months over the past year.

  • Number of components rising vs last month: 6


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