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Chicago PMI Bounces
Following ISM Milwaukee's major miss this morning (and income and spending data weakness), and 2 months of significant misses, Chicago PMI printed 52.3 (handily beating expectations of a bounce to 50.0). Employment rose at a faster pace in April but Prices Paid tumbled at a faster pace.
ISM Milwaukee big miss...
But Chicago Beat...
The breakdown:
- Prices Paid fell compared to last month
- New Orders rose compared to last month
- Employment rose compared to last month
- Inventory fell compared to last month
- Supplier Deliveries fell compared to last month
- Production rose compared to last month
- Order Backlogs rose compared to last month
- Business activity has been positive for 10 months over the past year.
- Number of Components Rising: 4
Charts: Bloomberg
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Without significant wage growth relative to healthcare costs and other manditory expenses I don't expect people to pay any more for things any time soon. Likewise for producers, the margins are what they are.
Weak data, strong data. Keep 'em guessing! June back in play? What does it matter? The die is cast. It's all noise and misdirection until the reset begins.
June would make sense as the summer break is upon us and market would have a couple months time to digest. Come September everyone is going back into the new paradigm.
If they did it in September, the markets have a potential to react more temperamental. Just my 2c.
Don't forget Mafia data since it is, after all, Chicago.....
I heart the BLS.
:)
The one day the economy does very poor, the next day it's pretty oke. Of course, short term machinations are for the fools only.
it seems a little desperate on the retail front to me
A beat and a miss oh what do I do with this information........, oh yeah, BTFD.
Yellen finds dime on street...Predicts improving Economy
"As I was walking down the street of our fine Capatol today I found and picked up a Dime from the sidewalk. If people can be so free with their money to leave it lying around then that is the surest sign that we are on the way to the best economic recovery ever!"...said Grandma Yellen as she talked to MSNBC's Jim Kramer...