The Nov Chicago Business Barometer (formerly ISM) was released y'day. It collapsed.
Something similar happened in Dec 2024, and I suggested that it was not a signal of a national downturn, but was the Chicago-area Purchasing Manager "sending a hostage note pleading for help."
Same here, consider (all in the last month):
* Property taxes assessments were mailed in November, and they soared as much as 100% in some neighborhoods.
* Illinois now has the highest property taxes in the country
* The Mayor wants to raise taxes on businesses.
* The Governor wants to raise the state income tax
* Several people are shot at a Christmas Tree lighting
* An entire class of 10-year-olds beat up a pregnant mother and her physically challenged son.
* A woman was doused with gasoline and set on fire on Public Transportation
* Every Monday comes with the weekend tally of crime and carnage.
* The Government and Mayor dismiss the violence as an "isolated incident" and refuse any help to get crime under control.
Frankly, I'm surprised the purchasing managers are this optimistic.
@marcuslemonis @GovPritzker @ChicagosMayor
Tagging a few other people, hoping they read this
@DanProft @AldKnudsen43 @PaulVallas @John_Kass @GregHinz @wesbury @DianeSwonk @RahmEmanuel
Quoted context
These are the quoted author’s words.
5/5
The Chicago ISM report came out on Tuesday, and it was shockingly weak. Its reading of 36.9 is the second lowest since COVID-19.
Many pointed to the saying it was a harbinger of the national report. Instead, the national report was the opposite, a very strong beat.
Remember, ISM is a survey of purchasing managers' opinions, not a measure of actual production.
Given Illinois's terrible economy, the dreadful state of Chicago's economy, the incompetence of everyone who holds elected office in Illinois, and even the disastrous state of Chicago's professional sports teams ...
Maybe the Chicago survey was more like a hostage note from Chicago area Purchasing Managers pleading for help than an indication of the state of the national economy.
@profplum99
biancoresearch ↗