July called – it wants its plunging Chicago PMI back.
At a time when market participants are on tenterhooks about the state of the domestic economy, everyone could have done without what looks like a truly dastardly headline print on MNI’s Chicago PMI.
The gauge registered just 43.2 for this month, a huge decline from 47.1 in September and a mile below even the most pessimistic estimate from 27 economists. The range was 46.5 to 53.
You’re reminded that September’s 47.1 print was itself far worse than expected.
The gauge had bounced back into expansion territory in August after a harrowing summer slide that brought out the recession calls.
MNI Chicago Business Barometer down 3.9 points at 43.2 in October from 47.1 in Sept.#chicagopmi #MNI #chicagoreport pic.twitter.com/KBqISmAo3L
— MNI Indicators (@MNIIndicators) October 31, 2019
Breaking October’s report down, new orders, employment, inventories, production and order backlogs are all in contraction.
Four components rose versus last month. For what it’s worth, here’s the comparison with ISM:
Although this will likely be written off as “second-tier” “noise”, it’s just one more thing the market could have done without.
Earlier, the latest read on personal consumption showed consumers are throttling back, even as the advance read on Q3 GDP suggests the economy isn’t headed off a cliff anytime soon.
With the sidelining of Mulvaney, Trump is running out of sycophants to spin this truly sucky number. Larry? Larry? #MAGA
We need Lou Dobbs as Treasury Secretary!
LOL
That is a good one!
And highly likely.
Hope you’re right. Final confirmation that Trump’s single greatest requirement in a cabinet or WH appointment is having his ass kissed on a regular basis. Dobbs certainly is the man for that. #MAGA