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CHICAGO PMI STRONGER THAN EXPECTED

This morning’s Chicago PMI bucked a trend of weak regional reports in recent weeks. The data came in at 60.4 versus August’s reading of 56.7.  This should ease some fears over deterioration in other regional reports (via Econoday):

“The reading relative to August points to accelerating growth this month, at least for businesses in the Chicago area.  Strength is right where it should be in new orders which jumped more than six points to a very strong 61.4. Production is very active, at 64.3 for a nearly seven point gain. Employment is moderately positive at 53.4 with inventories neutral at 49.5.  This report will ease concern that Friday’s ISM manufacturing index along with Tuesday’s non-manufacturing index may show a breakdown toward the neutral 50 level.”

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