Chicago PMI Explodes To Biggest Beat In 10 Months, Employment Drops Further

Jon Alternative Media, Blogosphere, Economy

Having collapsed to 13-month lows in July – with the biggest miss on record – Chicago’s PMI rebounded the way only US macro ‘soft-survey’ data can. After plunging from 62.6 in June to 52.6 in July, August printed a magnificent 64.3 – its highest since May – showing up this data’s noisy nature as entirely useless. From worst miss on record (and 13-month lows) to best beat in 10 months and 5 month highs… brilliant. It would seem ISM has entirely given up on any credibility at all… However, given this exuberance (in production and new orders), the employment sub-index dropped yet again.
“we’re gonna need a better seasonal adjustment”

This post was published at Zero Hedge on 08/29/2014.