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ZeroHedge
31 May 2023

After the unexpected resurgence in April, Chicago PMI plunged in May from 48.6 to 40.4 (against expectations of 47.3). That is the ninth straight month below 50 (in contraction)...
Source: Bloomberg
That is the longest streak of prints in 'contraction' since the Great Financial Crisis.
Under the hood, none of the underlying drivers were higher MoM...
This continues a trend of 'soft' survey data disappointing notably.