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Chicago PMI Surges To Highest Since March 2011 (As Employment Falls)

Courtesy of ZeroHedge. View original post here.

Another day, another 'soft' survey shows improvement. Following Dallas Fed's surge yesterday, Chicago PMI printed a dramatically better than expected 66.2 (60.0 exp) – the highest since March 2011.

This print is above the highest estimate (forecast range 58 – 64.7 from 31 economists surveyed) and is a 4 standard deviation beat…

To the highest since March 2011…

Under the hood it was oddly disappointing…

  • Prices paid rose at a slower pace, signaling expansion
  • New orders rose at a faster pace, signaling expansion – highest since Feb 1974
  • Employment fell and the direction reversed, signaling contraction
  • Inventories rose at a slower pace, signaling expansion
  • Supplier deliveries rose at a slower pace, signaling expansion
  • Production rose at a faster pace, signaling expansion
  • Order backlogs rose at a faster pace, signaling expansion
  • Business activity has been positive for 12 months over the past year.

Oddly, only 3 factors rose in October compared to September (compared to 7 in September)


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