Econintersect: The February 2011 Chicago Purchasing Managers index (Chicago PMI) came in at the strongest level in the last ten months, and this index has shown continued expansion for the past 29 months.
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.
- EMPLOYMENT highest since May 1984;
- ORDER BACKLOGS moved back into expansion;
- INVENTORIES dipped;
- NEW ORDERS highest level since March 2011.
- PRODUCTION MATERIAL lead times edged off 10+ year highs
This month’s seasonally adjusted level of 64.0 (January level was 60.2) is in territory normally associated with economic expansion. The market was expecting 59.0 to 60.0.
This is a survey, and not hard data.
source: Chicago PMI