After what seems like weeks of "v"-shaped bounces in sentiment surveys as the euphoria of not being locked up reflects on hope for the future, Chicago's PMI barometer gravely disappointed in June.
Against expectations of a "v"-like bounce to 45.0, Chicago PMI managed only 36.6 - barely above April's level...
This is the biggest miss of expectations since Feb 2015.
Prices paid rose at a faster pace; signaling expansion
New orders fell at a slower pace; signaling contraction
Employment fell at a faster pace; signaling contraction
Inventories fell and the direction reversed; signaling contraction
Supplier deliveries rose at a slower pace; signaling expansion
Production fell at a slower pace; signaling contraction
Order backlogs fell at a slower pace; signaling contraction
Somebody do something!