...And the final economic data point of 2023 is a disaster
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(ZEROHEDGE) – Remember in November when Chicago PMI unexpected exploded higher, back above 50 to its highest since May 2022, prompting an array of self-reinforcing, goal-seeked "see, we told you so, the economy is awesome" narratives?
Well all that is now out the window as December's Chicago PMI plunged back to earth – from 55.8 to 46.9 (back into contraction) and well below the expected level of 50.
That is the biggest MoM puke in Chicago PMI since April 2020 – the peak of the COVID lockdowns. Under the hood, everything was a mess.
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