Following Chicago PMI’s collapse in July, August failed to provde any bounce in the soft survey data, printing unchanged at 58.9 (July was revised slightly higher).
While marking the eighteenth consecutive above-50 reading, this month’s unchanged result follows July’s sharp decline that snapped a run of five straight monthly increases in business optimism.
Only 2 components managed any improvement in August (production and new orders) with both employment and inventories weak:
Inventories fell and the direction reversed, signaling contraction Employment fell and the direction reversed, signaling contraction
This post was published at Zero Hedge on Aug 31, 2017.