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The Chicago PMI survey plunged unexpectedly back into contraction in September (to 45.7 versus 51.8 expectation). That is the lowest print for the survey since June 2020…
Source: Bloomberg
None of the underlying components rose relative to last month:
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Prices paid rose at a slower pace; signaling expansion
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New orders fell at a faster pace; signaling contraction
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Employment fell and the direction reversed; signaling contraction
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Inventories rose at a slower pace; signaling expansion
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Supplier deliveries rose at a slower pace; signaling expansion
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Production fell and the direction reversed; signaling contraction
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Order backlogs fell and the direction reversed; signaling contraction
Just add it to the list of recession red flags…
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Image and article originally from www.zerohedge.com. Read the original article here.