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...
[3]
But Chicago Beat...
[4]
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
