September income up, spending down; Chicago PMI takes a header
Meanwhile, the October numbers continue to look horrific. Take the Halloween-day release of the latest Chicago PMI report. It showed the index plunged to 37.8 from 56.7 in September. That was far below the 48 reading that economists were anticipating and the worst reading since May 2001. The new orders subindex dropped to 32.5 from 53.9, the production index plunged by more than half to 30.9 from 71.4, and the employment index slipped to 41.5 from 49.1.