Most PMIs are next to useless at the moment because they are directional not activity level based. The PCI is no different:
Some improvement but still getting worse in aggregate. New orders show HomeBuilder impact bu are still at low levels:
Everything else remains crapola:
Most especially Depressionberg’s big infrastructure bust:
This is criminal negligence. Depressionberg ran down this spending from 2018 into a crashing private economy as MB and just about everybody else howled for more. He ran it down even further throughout COVID-19 when this is the one economic lever that fiscal spending can pull on hardest to boost economic activity short and long term. Instead, he did tax cuts that were immediately saved. Sound familiar?
That’s what happens when you install a tennis pro as treasurer. Full report.
