Chicago PMI Fails To Bounce Back, Hovers Near 6-Year Lows

Despite the hockey-stick-like expectations of all the clever economists, Chicago PMI failed to bounce back from its total carnage in February. Printing 46.3 against expectations of 51.4, the index remains at near six-year lows. Must be the weather... oh apart from the massive surge in Midwest pending home sales...? This is the biggest 5-month plunge since Lehman.

 

Not what the Keynesian mean-reverters were hoping for...

 

With the biggest 5-month plunge since Lehman...

 

Under the covers, slight improvement...

  • Forecast range 45 - 55 from 42 economists surveyed
  • Prices Paid fell compared to last month
  • New Orders rose compared to last month
  • Employment rose compared to last month
  • Inventory rose 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: 5

 

Charts: Bloomberg