For the first time in 4 months, Chicago PMI printed better than expected with its highest level since May. Production and New Orders rose but in keeping with the new normal, the employment sub index fell for the 3rd month in a row to 5 month lows. It seems the good news that was "expected" as the market ramped higher into the release has been stymied by good news is bad news reality as all the opening ramp gains have faded.
Headline at 4-month highs...
[5]
and Employment drops to 5-month lows...
Hope of bad news appears to have been stymied...
Charts: Bloomberg