The PMI took a serious body-blow in its June read, dropping from 57.0 (May) to 52.4.
We have not followed PMI closely for about 15 years, but we can NOT recall another time when PMI took that much of a hit.
"Expectations" were for a 56-area print......
Ugh.
That loosely corresponds with what we've heard about sales volume in one of the country's largest auto dealership chains (over 50 outlets, various brands). They're down THIRTY percent in new-car sales y/o/y June-June.
That was supply, originally; now it's also demand fall-off, as prices are in the stratosphere and financing is getting more.......ahhh........interesting with the rate hikes.
Batten down the hatches.
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