There's good news and bad news in today's macro data (what scarce data there is). MNI's Chicago Business Barometer (PMI) printed a better than expected 43.8 (42.3 exp), up from the prior 40.6... {chart} There's a little more good news as seven of the underlying components rose vs last month: • Prices paid rose at a faster pace; signaling expansion • New orders fell at a slower pace; signaling contraction • Employment fell at a slower pace; signaling contraction • Inventories fell at a slower pace; signaling contraction • Supplier deliveries rose at a faster pace; signaling expansion • Production fell at a slower ... (full story)