Chicago PMI Plummets Near COVID Lows As Small Biz/CEO Confidence Soars
MNI's Chicago PMI survey plunged back near COVID lockdown lows in December, falling to a very contraction-y 36.9 (below the lowest analyst estimate of 40)...
Source: Bloomberg
Under the hood, it was uniformly ugly...
Prices paid rose at a slower pace; signaling expansion
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 rose at a faster pace; signaling expansion
Production fell at a faster pace; signaling contraction
Order backlogs fell at a slower pace; signaling contraction
This tumble in survey sentiment fits with the overall slump in 'soft' data since Trump was elected...
Source: Bloomberg
...which is odd given the small business and CEO - large business - confidence has exploded higher since his election)...
Source: Bloomberg
Does make one wonder just who the local Fed surveys are asking?
Source: Bloomberg
Partisan PMIs?