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Chicago PMI Bounce Is Dead, Crashes Back Near 6 Year Lows
Following Milwaukee ISM's plunge to 15-month lows this morning with a plunge in new orders (missing for 4 of last 5 months), Chicago PMI printed a disappointing 46.2 (against expectations of a slight rise to 53.0 from 52.3 last month) - lower than the lowest economist estimate. After last month's modest (dead-cat) bounce back from winter's collapse to 6 year lows, this re-collapse is hardly the kind of Q2-recovery-reinforcing data the mainstream wants. With the level now back at the same when Lehman hit, New Orders, Production, and Employment all contracted in May.
Milwaukee was ugly...
But Chicago PMI was uglier - as bad as it was when Lehman hit...
Can we get a better sell-side?
Chicago PMI breakdown...
- Forecast range 51 - 55 from 45 economists surveyed
- Prices Paid rose compared to last month
- New Orders fell compared to last month
- Employment fell compared to last month
- Inventory fell compared to last month
- Supplier Deliveries fell compared to last month
- Production fell compared to last month
- Order Backlogs fell compared to last month
- Business activity has been positive for 9 months over the past year.
- Number of Components Rising: 1
Charts: Bloomberg
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Markets will be green for a Friday and "The FED can't possibly raise rates now."
Worst phony, made-up survey number Since LehmanTM.
Imagine what the REAL numbers are like.
NoDebt,
I thought it was:
Worst since Lehman®
We just need more warehouses and oil storage so we can keep producing more stuff for nobody to buy.....
That should really get the "panic buying" going...
... with MOAR leverage too!
Nah,
They didn't use the word PLUNGE enough times to even get a titter out of them.
Anybody working in industrial sales could tell these economists where these numbers are heading. Fucking retarded economist halfwits.
Not enough bread to feed the peeps (to much tax) and to much circus (gov spending)
The fall of ROME................is Nye
Gotta get me some of those fiddles.
Sim Ting Wong
Ho Lee Phuc
Time to double-seasonally adjust every data point in any economic survey... and it that doesn't work, adjust it some more until the data looks good.
FUBAR.
This is how government employees work.....you do not last long if you only give bad numbers.....it was the same in Soviet Russia....just fake the numbers so Stalin was happy.....but of course the people were starving....but if you were that government employee that puts the numbers together..you HAD a job..and turnip soup to eat every night..or cabbage
I am glad we got Lehman in the news...
FUCK YEAH!!!!!!!!!!!!!!!!!
So barry, what's next you fucking asshole!!!!!!????????????
careful, you'll get a hemorrhoid
Cue stock market morning RAMP...
Setting the stage for another short squeeze, so we are bullish here but long-term bearish. Subject to change in 2 days because other backward looking data may suddenly and randomly become more convincing.
Trading advice inspired by Dennis Gartman.
Wait....someone needs to find out what LIESman thinks...
But prices paid rose. What else really matters? QE is working (with slight delay). We need moar.
Buybacks on inventory builds = buying not only your own stock; but effectively buying your own inventories via accounting fraud.
YES to: leveraging to pay dividends and bonuses and consolidate monopolies by buying up competitors, hoard raw materials and fuels, and to build inventories.
NO to: cap. ex. and hiring or (re)training/retaining labor force.
The strip-mined busted-out financialization complex is devouring the Sleeping Giant while it slumbers in a debt induced coma...
Lehman, dead but not forgotten.