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...
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But Chicago PMI was uglier - as bad as it was when Lehman hit...
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Can we get a better sell-side?
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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
