Econintersect: The Chicago Purchasing Managers index (Chicago PMI) rose to a seven month high and continued expansion for the 26th month. This survey is of interest to those who watch Purchasing Manager’s data – as this survey is used as a expectations yardstick for the national ISM manufacturing release tomorrow.
- EMPLOYMENT expansion was lower than last months 6 month high;
- NEW ORDERS expanded to an eight month high;
- ORDER BACKLOGS gained to the highest level since July 2011;
- PRICES PAID rate of growth was the lowest in 14 months.
- PRODUCTION MATERIEL unchanged;
- CAPITAL EQUIPMENT unchanged.
This is a survey – and Econintersect has warned that surveys are opinion, and often are not supported by hard data. Further they are usually incorrect at economic turning points.
source: Chicago PMI