The Chicago PMI ends the year on a very sour note with new orders the lowest since May 2020.
New Orders Crash
The Chicago Business Barometer, also known as the Chicago PMI, dropped further to 36.9 in December 2024, compared to November’s 40.2 and missing market forecasts of 42.5. The latest data indicated that Chicago’s economic activity contracted for the 13th consecutive month, recording its steepest decline since May. New orders fell 13.5 points to the second lowest since May 2020, with more than half of respondents reporting fewer new orders for the first time since June 2020.
Chart and text above from Trading Economics.
Unlike the regular ISM, I do not have access to this data feed.
@Stuart Loren commented “While the Chicago region measured in this data point extends beyond city limits, this ongoing contraction in the Chicago PMI is not exactly the best reflection of the Mayor Johnson and Friends approach to governance.”
“Chicago has a lot to offer. But it’s hard for that to come through when we are plagued by political idiocy and poor fiscal management.”
The index has been in contraction for 27 of the last 28 month, with over half of respondents reporting a decline in new order.
Chicago News
December 23, 2024: The Corruption and Incompetence of Chicago’s Mayor Has No Bounds
Chicago mayor Brandon Johnson stepped to new lows when his hand-picked board fired Chicago Public Schools (CPS) CEO Pedro Martinez without cause.
December 26, 2024: Court Blocks Chicago Mayor from Firing Chicago Public Schools CEO
In a temporary victory for common sense, a Cook County Judge acted in the best interest of the City.
I lived in Chicago. Lots of corruption. The MAFIA made us pay for putting up our company sign.
Do other regions in the US show PMI gains? I’m trying to figure out if the decline in Chicago PMI is a regional or nation problem.
Au, ok, Trump term is getting near.
Boeing is headquartered in Chicago, although doesn’t make a thing there. Does it count as Chicago business?
They’re no longer in Chicago – they moved to Arlington, VA.
For Mish as per Chicago
https://www.americanthinker.com/blog/2024/12/brandon_johnson_the_worst_mayor_in_america.html
Yup. CFNAI-MA3 diffusion index will go below recession threshold. It was already nearly there.
https://www.chicagofed.org/research/data/cfnai/current-data
Inflationary depression is what we’ve been in for years
It is more like stagflation. This is why nearly everyone in the top 90% of incomes feels poorer.
It is somewhere between stagflation and inflationary depression. Were it not for the massive 6%-7% of GDP federal deficits, economic growth would almost certainly be negative, so we are actually worse than “stagnant”. But not at depression-level either.
DOGE is going to take away this excess which leads to market crash.
Then DOGE will be booted out.
He won’t take away the punch bowl… he cannot
Did you mean the bottom 90%?
2025 is shaping up to be one heck of a shiite show.
“Subprime is contained.”
Janet yellen has that as her tramp stamp…”subprime is contained” inside a heart with roses around it.
don’t ask how I know, or why I gave up drinking….
*dry heaving intensifies* 🙂
There are so many rugs being pulled out in so many directions, so many wild new things being tossed in, perhaps they will all equalize and everything will be wonderful.
Only thing for sure, I will be much richer by the end of the year.
Yep. I’ve been saying 2025 is going to be the bellweather year for many issues that tank the economy. We have been extending and pretending since 2008. When the debt ceiling gets breached within a month of a budget bill passing, you know you are in some serious trouble. There will be huge impacts to all markets everywhere. Life will never be the same in America. It will take about 8 years to recover from it. And many of the systems that are broken will be changed permanently so that more of the risk is distributed to the masses. Effectively the supreme court is removing a lot of responsibility of government and putting it on the citizens.
You have to have a decline in the roc in the proxy for real output. We won’t have a recession in 2025.
How is USSC shifting responsibility to citizens? Examples, please.
“All safe deposit boxes in banks or financial institutions have been sealed… and may only be opened in the presence of an agent of the I.R.S.”
– President F.D. Roosevelt, 1933
The Delano fortune was made supplying opium to china from East India Company (british crown & Rothschilds).
The D. in Frankie’s name is Delano.
@Mish,
Your bar chart is mislabelled. It should say, “Starting September 2022”, not 2023.
Do you think this is enough to restart QE and increase fiscal stimulus?
“Bear Stearns is fine! Do not take your money out.” -Cramer
I heard Cramer is trying to get his old job back selling peanuts at the ball park..
Credit card debt and defaults are at all time highs. Turn out the lights. The party is over.
Does CNBC want me to buy stocks…..or a LOT of stocks?
beep,beep,beep, thats the sound of the money truck backing up at your house, hoss. Gotta buy a money truck full of stonks.
Stonks only goes up…
That would seem to indicate a huge deflationary collapse in the offing in debt markets.
Biden regrets having pulled out of this year’s presidential race and believes he would have defeated Donald Trump in last month’s election, per the Guardian
Biden thinks of things every now and then, forgets what he thought within seconds.
Other people in these States will not forget as they are paying for Biden over next several years.
Was he actually quoted or recorded as saying this; or is this some of the latest nonsense his cabal of handlers released?
Yes. In the guardian.
Like a middle ager looking back at his high school football career. Biden in his easy chair, with a bowl of melted ice cream in his lap.
dreamin his life away…
Horrific. Make it stop
Oh this is just the beginning, my loyal toady.
“That’s Bidenomics.”
WE did that!!!! Think I still have some Biden stickers on my gas pumps…