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ECON: Chicago PMI Slight Stronger Than Expected, but Employment Falls
Posted to: Micro News
Monday, September 30, 2013 9:54 AM
- Purchasing Management Index 55.7 vs 54.0 forecast
- Prices Paid 57.1 vs 65.2 previously
- Employment Index 53.2 vs 54.9 previously
- PMI highest since May
- Market Reaction: with stocks already at relatively depressed levels on the day and bond markets having just sold off a bit, we've actually been able to bounce to the upside (in price), likely owing to the weaker-than-previous "employment' component of the index.
Business BarometerTM gained 2.7 points in September to 55.7.
The Barometer has gained in each of the past three months, the longest run of monthly increases for more than three years. Activity has recovered from April’s three year low of 49.0, although is still only consistent with modest economic growth.
Gains in September Production levels, while healthy, followed a three month slide. New Orders were up for the second consecutive month to the highest level since February. Supplier Deliveries lengthened in September to their highest level since March.
Order Backlogs rose marginally from August, but remained below the breakeven 50 level for the fourth month in a row.
Employment softened for the third consecutive month and was the only barometer component to fall in September.
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