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