HUGE MISS: CHICAGO PMI SINKS TO 49.0 (Est. 52.5)
The April Chicago PMI report is out.
The headline index fell to 49.0, defying economists’ expectations for a tick up to 52.5 from March’s 52.4 reading.
Any number below 50 on the index indicates contraction, so today’s data suggests that manufacturing activity in the Midwest unexpectedly contracted in April.
The production sub-component fell to 49.9 from last month’s 51.8 reading. The employment sub-component fell to 48.7 from 55.1.
Chicago PMI slumps to 3.5-year low in April
WASHINGTON (MarketWatch) — Chicago PMI slumped to a three-and-a-half year low of 49.0 in April, down from 52.4 in March and at a reading indicating contraction. Economists polled by MarketWatch had expected a 52.5 reading. Order backlogs were particularly weak, falling to 40.6 from 45.0. The Chicago PMI is the last of the regional manufacturing indexes to be released before the national Institute for Supply Management manufacturing index for April.
Welcome Back Recession: Chicago PMI Implodes To 49, First Sub-50 Print Since Septmber 2009
Total collapse. That is the only way to explain what just happened with the Chicago PMI which imploded from 52.4, and printed at a contractionary 49: the first sub-50 headline print since September 2009. But that’s not all: Deliveries, Prices Paid and Production all hit their lowest since 2009; Backlogs posted their tenth month of contraction in the past 12 months. And what’s worst for theDepartment of Making Shit Up, Employment plunged from 551. to 48.7, its third month over month decline. Actually another way to phrase it: complete disaster. Obviously this number explains why S&P should have no problems crossing 1,600 today. Because for that other Department: of Propaganda and Creating money out of thin air, this means only one thing: the Fed is preparing to printONE KROOGOL MORE!
It appears nobody told the respondents that the economy is back in stall speed.
LOL: Consumer Confidence soars to 68.1, 61 expected
A recession with central banks printing $160 billion per month? Just add moar toaner.
Business Insider‏@businessinsider2 min
HUGE BEAT: CONSUMER CONFIDENCE SURGES TO 68.1 (Est. 61.0)
Chicago PMI Report Has Some Seriously Bad News On Jobs
Earlier we reported on the weak Chicago PMI report, which fell into contraction at a 49 level, vs. the 52 level that analysts had expected.
The various sub-indices of the report were really ugly as well, especially employment.
Check it out. The index collapsed from 55.1 in March to 48.7 in April.
Just 18 % of companies say they plan to hire more. That’s down from 27% in March.
18% of companies say they plan to hire less, up from 16%.
Here Comes Obama’s Press Conference…