Fra Zerohedge:

After what seems like weeks of “v”-shaped bounces in sentiment surveys as the euphoria of not being locked up reflects on hope for the future, Chicago’s PMI barometer gravely disappointed in June.

Against expectations of a “v”-like bounce to 45.0, Chicago PMI managed only 36.6 – barely above April’s level…

Source: Bloomberg

This is the biggest miss of expectations since Feb 2015.

• Prices paid rose at a faster pace; signaling expansion
• New orders fell at a slower pace; signaling contraction
• Employment fell at a faster pace; signaling contraction
• Inventories fell and the direction reversed; signaling contraction
• Supplier deliveries rose at a slower pace; signaling expansion
• Production fell at a slower pace; signaling contraction
• Order backlogs fell at a slower pace; signaling contraction