The Chicago PMI, a monthly measure of the business conditions based on surveys of purchasing managers across Illinois, Indiana and Michigan, increased for the month of October.
According to Econoday, which releases a monthly economic calendar, Chicago purchasers report strong, broad-based, month-to-month acceleration this month. The Chicago index for October rose two tenths to 60.6, well above the break-even level of 50. New orders are especially strong, at 65.0 for a more than three point rise. Employment is also strong, up more than one point to 54.6 and reflecting robust production which jumped 5.5 points to 69.8. Delivery times slowed, input prices rose, and businesses in Chicago added to inventories — all consistent with deep strength. This report points to solid plus 50 readings for next week's national purchasing reports from the Institute for Supply Management.