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Friday, July 31, 2009

Chicago PMI Jumps, but Still Contracting

Briefing.com with the details:

According to the Institute of Supply Management-Chicago and Kingsbury International, Ltd., the Chicago Purchasing Mangers Index increased to 43.4 in July (consensus 43.0) from 39.9 in June. The July reading is the highest reading all year and is comfortably above the 6-month average of 37.3; however, a reading below 50 still signifies contraction. The message once again, then, in the July number is that the rate of decline in manufacturing activity in the Chicago Fed region has slowed. The main point of encouragement with this report is the new orders component. It jumped to 48.0 from 41.6 in June as the region recovers from the depths of the auto industry downturn/restructuring.

Source: Econstats