Milwaukee joins the party with its lowest ISM print since April 2009. Based on the regional Fed survey collapse - Dallas [2], Richmond [3], New York [4], Philly [5], Chicago [6], and even Kansas City [7] - it's unanimous - they are all flashing recessionary warnings.
ISM Milwaukee fell to 39.44, its biggest drop since July 2012 and lowest print since April 2009
[8]
Under the covers the data is a disaster.
- New Orders hammered (35.51 from 47.52)
- Employment plunged (41.88 from 47.04) - lowest on record
- Inventories collapsed (31.25 from 53.57)
- Order Backlog crashed (37.50 from 57.14)
Charts: Bloomberg
