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Mortgage News Daily

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ECON: Chicago PMI Much Stronger Than Expected
Posted to: Micro News
Thursday, January 31, 2013 9:56 AM

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- Chicago PMI 55.6 vs 50.5 Consensus
- New Orders 58.2 vs 50.4 Previous
- Employment Index 58.0 vs 46.8
- PMI highest since April 2012
- Employment highest since June

- Reaction: whether or not the first hit of weakness at 9:43 had anything to do with this report, we don't know, but now that the report is out, it's clearly adding to negative momentum so far, lifting stocks and TSY yields, hurting MBS prices. Of particular interest is the much-stronger employment component a day ahead of NFP. Officially trending weaker this morning now...

The Chicago Purchasing Managers reported the Chicago Business Barometer accelerated 5.6 to 55.6, its highest level since April 2012. The Business Barometer advanced amid broad gains in Production, New Orders, and Employment. Five of seven business barometer indexes gained, but inconsistent with the expansionary theme were declines in Supplier Deliveries and Prices Paid




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