Bulls are Smoking 'dem "Green Shoots"

Gee, I thought the economy was improving? [sarcasm]

SEPTEMBER CHICAGO PURCHASING MANAGERS INDEX **: 46.1 ACTUAL VS 52 ESTIMATE

sub-indices:

- Prices Paid: 51.3 v 50.0 last

- New Orders: 46.3 v 52.5 last

- Employment: 38.8 v 38.7 last

- Inventories: 38.9 v 27.5 last

- Supplier Deliveries: 49.3 v 54.6 last

- Production: 47.2 v 52.9 last

- Order Backlogs: 36.7 v 45.8 last

Let's see... besides the topline miss [which is bad], we have prices paid up (bad), new orders down (bad), employment up 0.1% (marginally better to flat) [This is an average based upon phone surveys. How many unemployed can afford a phone?], inventories up (bad if you're not selling 'em!), supplier deliveries down (bad), production down (bad) and order backlogs collapsing (really bad.)

I know it probably gets old, but I told 'ya [bulls] were smoking 'dem "green shoots"! -- via The Market Ticker

** The Purchasing Managers Index (PMI) is an indicator for economic activity.

A PMI index over 50 indicates that the economy is expanding while anything below 50 means that the economy is contracting. -- Wikipedia