Bidenomics Reality Check! Chicago Fed’s PMI Crashes To 41.4 (Usually Found In Recessions)

Confounded Interest ^ | 03/28/2024 | Anthony B. Sanders

[Kaiser8408a]

Chicago Illinois used to be a shiny toy.

Soft’ survey data has been a bloodbath this week with regional Fed surveys all slumping and this morning’s Chicago PMI uglier than all expectations.

That smashed ‘hope’ – the spread between hard and soft data – back to cycle lows…

Source: Bloomberg

Today’s Chicago PMI plunged to 41.4 – its lowest since May 2023 – from 44.0 (and well below the expected bounce to 46.0)…

Source: Bloomberg

That was below all analysts expectations for the second month in a row…

Source: Bloomberg

Under the hood was even more problematic:

New orders fell at a faster pace; signaling contraction Employment fell at a slower pace; signaling contraction Inventories fell at a faster pace; signaling contraction Supplier deliveries fell and a faster pace; signaling contraction Production fell at a faster pace; signaling contraction Order backlogs fell at a slower pace; signaling contraction Worse still, Prices paid rose again!

So, in summary: slower growth, declining production, shrinking orders, falling employment… and accelerating inflation – is it any wonder that ‘soft survey’ data is collapsing – not exactly election-winning headlines.

[11th_VA]

What is PMI ?

[11th_VA]

Production Manufacturing Index ?

[gitmo]

What is PMI ?

Premenstrual Issues

[gunnut]

Last week was all about how the fed pulled of the miracle soft landing. Uh, maybe not.

[howlinhound]

Uh-Oh! They used the word “bloodbath” in the story; they must be cancelled!

[citizen]

Purchasing Managers Index

[citizen]

You should know that this report is running counter to The Narrative.

[TexasGator]

“Today’s Chicago PMI plunged to 41.4 – its lowest since May 2023”

Dow up 22% since 5/23.

[bitt]

p

[Vermont Lt]

The PE ratio of the SP500 is around 28.62. That’s up from 19 a year ago. That is very optimistic.

[Redcitizen]

” It appeared that there had even been demonstrations to thank Big Brother for raising the chocolate ration to twenty grammes a week. And only yesterday, he reflected, it had been announced that the ration was to be REDUCED to twenty grammes a week. Was it possible that they could swallow that, after only twenty-four hours? Yes, they swallowed it.”