Here is a note that economists at Credit Suisse distributed on the Chicago PMI. In their opinion it is worse than scary.
CHICAGO PMI 37.8 Oct vs 48.0 consensus, 56.7 Sep
New Orders 32.5 Oct vs 53.9 Sep
Production 30.9 Oct vs 71.4 Sep
Employment 41.5 Oct vs 49.1 Sep
Inventories 56.5 Oct vs 37.7 Sep
Prices Paid 53.7 Oct vs 80.7 Sep
Scary doesn’t do this report justice. This abysmal report follows all other pre-ISM regional reports which carried the same tone – an abrupt change occurred in Oct. The plunge in the headline index left it at the lowest level since the 2001 recession. Demand side indicators collapsed. The 21.4 point drop in New Orders was the worst since the series began in 1968; the 40.5 drop in Production was the worst since its inception in 1946! The excess supply signal has never been worse – the New Orders-Inventories spread was -24.0. Price pressures eased rapidly – the 27.0 point drop in the Prices paid index was a record since 1946!