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ECON: Chicago PMI Shows Stronger New Orders, Weaker Employment
Posted to: Micro News
Friday, December 28, 2012 9:59 AM

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- PMI 51.6 vs 51.0 Consensus
- New Orders 54.0 vs 45.3 in Nov
- Employment 45.9 vs 55.2 in Nov

The Chicago Purchasing Managers reported the Chicago Business Barometer was up for a third month, lumbering along since September's 3 year low. The Business Barometer was guided higher almost exclusively by a sizable advance in New Orders. In spite of the rise in the Chicago Business Barometer, five of the seven business activity indexes declined in December, most significantly the Employment Index.

  • NEW ORDERS: Biggest advance in 19 months
  • EMPLOYMENT: Contracted to 3 year low
  • ORDER BACKLOGS: Fifth consecutive month in contraction.
General Comments from Members of the Survey Panel:

"Capital will shift to new products from current product support."

"We have more work than we have people to do it."

"We are on a hiring freeze in Q4, waiting to assess the outcome of the fiscal cliff deliberations."

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  • 30YR FNMA 5.0 110-17 (-0-04)
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%