Yesterday, the Chicago PMI miss led us to suggest that the ISM is next. Sure enough, today this other metric that had consistently beaten the negative HF economic data in the late summer was the latest to hit an inflection point, and miss substantially, with expectations of an improvement in the September number of 51.6 to 52.0 trounced, following an index print of 50.8.
Time to drag the recession talk back? After three months of the Chicago PMI (a key advance indicator for the ISM), bucking the trend of the other high frequency economic indicators and beating expectations consistently, it is the PM... Read Post
To many the significant beat of today's Manufacturing ISM was not very surprising based on yesterday's higher than expected Chicago Purchasing Managers Index. As most economists know, the Chicago PMI has traditionally been a spot on... Read Post