Once again the market is mostly meandering, and once again a measure of underlying economic fundamentals is soaring. The Chicago PMI report released today came in at a reading of 67.6 against consensus estimate of 62.5. The headline is the best since March 2011, powered by a 34-year high in production.
The laggard is employment which continues to be a victim of a lack of qualified candidates.
This underlying fundamental story will continue to get a short shrift in the mainstream and financial media because it doesn’t fit the larger narratives. However, investors must know the score as the market rally continues which is sure to invite greater volatility and decisions to buy, sell or hold.
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