Like the headline index, average of five regional fed manu surveys new orders PMIs also hit a new cycle low at nearly -20. With several of the branch surveys also citing dropping backlogs, without new sales the day when firms have nothing left for workers to do is getting close. pic.twitter.com/44Sw7zj6tx
— Jeffrey P. Snider (@JeffSnider_AIP) May 31, 2023
New orders in manufacturing continue to drop faster and faster with inventories having been too much already and nominal consumer/business demand slowing even falling. Good news for the FOMC since that means lower prices. Bad news for the actual economy. pic.twitter.com/zlmHAppvo0
— Jeffrey P. Snider (@JeffSnider_AIP) May 31, 2023