Given the extraordinary jumps in several regional Fed surveys, hope was rife that US Manufacturing PMI’s flash print would jump… it didn’t. Hovering near multi-year lows at 51.4, PMI missed expectations of 51.9 by the most since Aug 2013. With record highs in wholesale inventories, Markit claims that “pre-production inventories decline at the steepest pace in over 2 years.” The blame for this plunge: dollar strength, weak global demand, and Trump.
Not recovering…