US Manufacturing Surveys Signal Stagflation: Prices Paid Up As Jobs Drop

‘Soft’ survey data has been trending serially lower (aside from yesterday’s 13-sigma beat in Chicago PMI), catching down to ‘hard’ data’s decline and this morning saw the final print for S&P Global’s US Manufacturing PMI drop to 49.4 (from 50.0 in October and down modestly from the 49.5 flash print), driven by a decline in […] Source