Chicago PMI slips to 66.1, four-month low

• June Chicago PMI:  66.1 vs. 70 consensus and 75.2 prior, led by sharp decrease in new orders and order backlog sub-indices.
• Through Q2, the index surged 7.9 points to 71.1, its highest quarterly reading since Q4 1973.
• New Orders dropped to 3-month low in June; index jumped to 73.0 over Q2, its highest reading since Q3 1983.
• Production eased slightly in Q2 to 67.9, , while the monthly index slipped 10.6 points.
• Order Backlogs slowed by 14.1 points; across Q2, the indicator saw the largest increase, rising from 60.0 in Q1 to 73.5.
• Inventories declined 4.3 points, to the lowest level since August 2020; over Q2 Inventories fell sharply, down 11.6 points to 42.1.
• Employment slipped to the lowest level since January; through Q2, the index  gained 1.1 points, rising to 50.1.
• Supplier Deliveries rose 4.2 points to the highest level since March 1974; factory gate prices surged to the highest level since December 1979, across Q2 , prices rose to 90.6, also a near 41-year high.