Chicago PMI Explodes To 38 Year High As 'Soft' Survey Data Soars Confirming the same pattern of hope-filled surges in 'soft' survey data in the last month, Chicago PMI just exploded higher in April, printing at 72.1 from 66.3 prior (and well above even thhighest analyst estimate). Under the hood, everything was inflationary: Prices paid rose at a faster pace; signaling expansion New orders rose at a faster pace; signaling expansion Employment rose at a faster pace; signaling expansion Inventories fell and the direction reversed; signaling contraction Supplier deliveries rose at a slower pace; signaling expansion Production rose at a faster pace; signaling expansion Order backlogs rose at a faster pace; signaling expansion In fact, the last time prices paid this high was Feb 1980... and Volcker was hiking rates to 10%. Chicago's survey data confirms the current surge in 'hope'... As the gap between hard economic data and emotionall-driven surveys nears a record high once again. Tyler Durden Fri, 04/30/2021 - 09:56