Employment, new orders, and production all slowed notably in May according to the MNI Chicago PMI report. Printing at 55.2 – below the lowest expectation – this is the lowest level since January’s collapse.
Forecast range 56 – 62 from 34 economists surveyed… oops!
Breakdown:
- Prices paid rose at a slower pace, signaling expansion
- New orders rose at a slower pace, signaling expansion
- Employment rose at a slower pace, signaling expansion
- Inventories rose at a faster pace, signaling expansion
- Supplier deliveries rose at a faster pace, signaling expansion
- Production rose at a slower pace, signaling expansion
- Order backlogs fell at a slower pace, signaling contraction
- Business activity has been positive for 12 months over the past year.
- Number of components rising vs last month: 3
The continued disappontment in ‘soft’ data is becoming serious…
