• Lowest since Nov 2011
  • Prior reading was 65.4 (revised from 65.9)
  • Present situation 45.8 vs 45.9 prior
  • Jobs-hard-to-get 40.7 vs 41.0 prior (correlates well with employment)
  • One-year inflation expectations 5.9% vs 5.4% exp

It’s certainly trending lower but major red flags won’t go off unless it falls below 50. The real takeaway might be inflation expectations, which are far out of line with the Fed’s (and the market’s) thinking.