In 8 of the 9 times Chicago PMI has printed today's level it came with a Recession. pic.twitter.com/WtgIMkYu94
— Not Jim Cramer (@Not_Jim_Cramer) October 31, 2019
Worst Chicago PMI since 12/2015. But that's okay. This isn't a pre-#recession period. It's a "mid-cycle correction" right? You know, 124 mos. into the longest expansion in history – one which you have to believe will reach 248 months for this to be a mid-cycle move, per "math"
— Mike Larson (@RealMikeLarson) October 31, 2019
…plunging from 50.4 in August to 43.2 (contraction) in October (well below the 48.0 expected).
Under the hood:
- 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 slower pace, signaling contraction
- Supplier deliveries rose at a faster pace, signaling expansion
- Production fell at a slower pace, signaling contraction
- Order backlogs fell at a faster pace, signaling contraction
This is unpossible… haven’t the people living in Chicago looked at the stock market recently?
— The Long Game (@7LongGame) October 31, 2019