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.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.
* If the dots don't connect, gather more dots until they do...or, just follow the $$$...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Nov. 30 @ 2:00 pm ET - Beige Book Report
* Fri. Dec. 2 @ 8:30 am ET - Employment Data
* Wed. Dec. 14 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Wed. Jan. 4, 2023 @ 2:00 pm ET - FOMC Meeting Minutes
* Wed. Feb. 1 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
*** CLICK HERE for link to Economic Calendars for all upcoming events.