After a surprisingly strong rebound in December, Chicago PMI fell back in January to 44.3 (below expectations of 45.0), below ’50’ for the 5th straight month…
Source: Bloomberg
That is the longest streak of prints in ‘contraction’ since the Great Financial Crisis.
Under the hood, the business barometer fell at a faster pace; signaling contraction
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Prices paid rose at a faster pace; signaling expansion
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New orders fell at a faster pace; signaling contraction
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Employment fell at a faster pace; signaling contraction
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Inventories fell at a faster pace; signaling contraction
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Supplier deliveries rose at a faster pace; signaling expansion
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Production fell at a slower pace; signaling contraction
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Order backlogs fell and the direction reversed; signaling contraction
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Number of components rising vs last month: 3
This continues a trend of ‘soft’ survey data disappointing notably.
