vrijdag 30 juni 2017

WTF; Chicago PMI Spikes To 3 Year High, Beats By 7 Standard Deviations

Even as the rest of the 'soft' survey data catches down to 'hard' data's ugly reality...


Someone or something in Chicago is exuberantly celebrating Trumpmania as the city collapses under a hail of bullets...


Beating expectations by 7 standard deviations, June PMI spike to 65.7, the highest since May 2014...        

This is the fifth consecutive increase in busines confidence with new orders at their highest since May 2014 and order backlogs spiking to their highest since July 1994. The Employment indicator slipped slightly to 56.6 from 57.1 in May. Panelists were concerned about finding reliable and well qualified workers and there was a rise in temporary hires, a growing job market trend in recent months. Inflationary pressures at the factory gate remained broadly stable after easing for three consecutive months. Panelists reported a continued rise in the price of steel and plastic products, although they mentioned that suppliers were holding off passing through prices increases.
"June's MNI Chicago Business Barometer Survey is a testament to firms' expectations of a busy summer. With Production and New Orders touching levels not seen in three years, rising pressure on backlogs and delivery times has led to higher optimism among firms both in general business conditions and the local economy," said MNI Indicators. How long before they 'revise' this farcical print?