Chicago PMI Plummets To 11 Year Low As Orders, Production Plunge

That wasn't supposed to happen.

Various other cherry-picked sentiment surveys have been soaring against expectations in recent days but Chicago PMI just plummeted to its lowest level since 2009, notably below expectations...

Against expectations of a bounce back to 40.0 from 35.4, Chicago PMI tumbled to 32.3 in May...

• Prices paid rose and the direction reversed, signaling expansion

• New orders fell at a faster pace, signaling contraction

• Employment fell at a slower pace, signaling contraction

• Inventories rose and the direction reversed, signaling expansion

• Supplier deliveries rose at a slower pace, signaling expansion

• Production fell at a faster pace, signaling contraction

• Order backlogs fell at a faster pace, signaling contraction

Of course, this important sentiment signal will be shrugged off because stocks are higher this month.