“Soft’ survey data has been doing what it does… surging ahead of actual “hard” data providing those who need it with proof that things are getting better.
However, recent data has shown that soft survey data losing its lead and the latest Chicago PMI confirms that with the second biggest drop since 2015 (from 75.2 – the highest since 1973 – to 66.1)….
Source: Bloomberg
Stagflation looms as prices accelerate and production and employment growth slows…
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Prices paid rose at a faster pace; signaling expansion
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New orders rose at a slower pace; signaling expansion
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Employment fell at a faster pace; signaling contraction
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Inventories fell at a faster pace; signaling contraction
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Supplier deliveries rose at a faster pace; signaling expansion
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Production rose at a slower pace; signaling expansion
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Order backlogs rose at a slower pace; signaling expansion
Did hope just finally capitulate?
Source: https://www.zerohedge.com/markets/chicago-pmi-plunges-most-april
