Data released today shows that the Chicago PMI dropped below zero for the first time since 2009 for the month of September. It's a "leading indicator of economic health...purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy." A drop below zero signals contraction.
This is just another confirmation of slowing demand. Surely the pressure grows for the politicians to work together to assist the Fed's attempts to shore up a declining economy. But, unfortunately, I don't see any evidence of the will to do so before it's too late to, potentially, avert a recession. I don't believe that the Fed's monetary actions, alone, to prop up the stock markets will accomplish that scenario.
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UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Nov. 29 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Dec. 5 @ 2:00 pm ET ~ Beige Book Report
* Fri. Dec. 7 @ 8:30 am ET ~ Employment Data
* Wed. Dec. 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Dec. 19 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. Dec. 21 @ 3:30 am ET ~ German Manufacturing PMI (watch for a drop below 50)
* Tues. & Wed. Dec. 25 & 26 ~ Canadian markets closed for Christmas & Boxing Day Holidays
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* Wed. Jan. 30 @ 2:00 pm ET ~ FOMC Announcement
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