The Chicago Purchasing Managers Survey was an unmitigated disaster and presages a weak national survey on Monday. The index tumbled to 44.5 (consensus 49.5) from 51.5 in the prior month.
Employment plunged dramatically dropping to33.5 from 47.
Production declined to 46.5 from 51.3.
Supplier deliveries fell to 39.6 from 61.7.
The one bright spot was new orders which though they remained below 50 increased to 48.8 from 44.7.