Econintersect: The December 2011 Chicago Purchasing Managers index (Chicago PMI) in remained near last month’s a seven month high and continued expansion for the 27th 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 next week.
- PRICES PAID rebounded from November’s 14-month low;
- EMPLOYMENT erased November’s deceleration;
- ORDER BACKLOGS expanded to its highest level since April 2011;
- PRODUCTION, NEW ORDERS edged off November’s 7-and 8-month highs, respectively.
- PRODUCTION MATERIAL, MRO SUPPLIES, CAPITAL EQUIPMENT all declined to multi-month lows.
This month’s seasonally adjusted level of 62.5 (November level was 62.6) is in territory normally associated with economic expansion.
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