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Chicago PMI "Bounce" Is Dead - PMI Plunges Back To Recessionary Levels
The brief dead cat inventory-stacking bounce in Chicago PMI is over. With a print of 48.7, back below 50, (against hope-strewn expectations of 52.9) this was below the lowest economist estimate and the lowest since May. Aside from employment (which somehow rose), the components were ugly with New Orders and Prices Paid all tumbling, while Production was the lowest since 2009 at 43.6.
Chicago confirms Richmond, New York, Philly, Chicago, and even Kansas City regional surveys all flashing recessionary warnings.
Welcome back into contractionary sub-50 levels.
And welcome back to the recession:
Charts: Bloomberg
The Breakdown:
- Forecast range 49 - 55 from 43 economists surveyed
- Prices Paid fell compared to last month
- New Orders fell compared to last month
- Employment rose 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 rose compared to last month
- Business activity has been positive for 7 months over the past year.
- Number of Components Rising: 2
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Good time to raise property taxes.
/s/
It is also a good time for Chicago to raise the minimum wage to $15/hour and see what happens.
Because McDonald's workers deserve to make what my kid did for an engineering internship last summer and this fall.
"Chicago employers – including household employers – must comply with the new law first on July 1, 2015, when workers’ wages will increase from $8.25 to $10 per hour. It will then rise to $10.50 in 2016, $11 in 2017, $12 in 2018, and finally $13 in 2019. After it hits $13 in 2019, the wage rate will be tied to inflation. Tipped workers will also get a raise, from $4.95 to $5.95 over the next two years."
http://gtm.com/household/chicago-minimum-wage-increase/
EBT cards accepted.
If they keep up the murder rate in Chicago employees will be scarce and, therefore, wages will have to be high. Rahm and Obama's Chicago plans are working well...
(in the real world everyone simply packs up and leaves, hoping not to get capped on their way out.)
What stuns me is this is being done piecemeal. The property taxes are going to be used to fund police and firefighters' pensions, then they are going to have to raise monies for the teachers then God knows what. It is death by a thousand cuts in Chicago. the sales tax is going to be nearly 11%.
Next up - OT for police that the city cannot afford. 5 people killed in mid week this week. Wait till the weekend rolls around. The asshole police commisioner bitches that perps don't drop their guns when they are being persued, as they do in other cities. Chicago has a higher murder rate than NYC and LA combined.
People are leaving the state in droves. The ones that are staying contribute almost nothing accelerating the drain on state funds. Chicago is a chocolate coated Detroit with a hollow center.
Property taxes are the biggest boogie man for real estae values - incomes overall not keeping pace with rise in values - all due to low interest rates - people will be forced out - cant pay the taxes.
only solution is inevitable new Municipal Bankruptcy Act - the experiment will be Puerto Rico - after the Island comes the........... deluge
Tax Exempts will be the second wave that takes out seniors and insurance companies.
It is going to be breathtaking !
Speaking of death, Chicago, and regression, Obama just tweeted this: "Hope you're ready-- Fall is here."
If he said "The fall is here" I may have believed him for the first time since he said he wanted to spread the wealth around. (At the time I assumed he wanted to spread the wealth to the FSA, not the banksters. Boy, was I wrong.)
I prefer to look at this as the glass being 48.7% full rather than 51.3% empty.
+1
That's the American Spirit! Aim for the lowest common denominator. We won't be satisfied until that's a 0.01 reading.
Just look at how Americans dress today.. it's a disgrace . I myself have been dressing like a scrap but I fit in. I happen to wear pants and a button down shirt to Church on Sunday and I get complimented on how well I'm dressed. These clothes are like 15 years old and they are nothing special. I advised that person she made my point.
:( Fast Fashion .. Made in Bangladesh by some person who makes $66 a month or maybe like 17 cents an hour.. that's your lowest common denominator.
I can relate. Blue jeans became the standard uniform for the baby boom generation as they reveled in their "nonconformity". That wasn't the only indication they (we, actually) lacked class: Clinton, Bush, Obama, Hillary/Jeb!, etc. I sincerely hope no boomer is ever elected to anything ever again.
I resemble that remark.
48.7% full of piss.