Chicago purchasing index stronger than forecast

The Chicago purchasing managers’ index was stronger than forecasts, strengthening to 60.4 in September from 56.7 in August.

The new orders index rose to 61.4 in September from 55.0 in August, the employment index eased to 53.4 from 55.5, and the production index improved to 64.3 from 57.6.

BOTTOM LINE

A surprisingly strong reading on manufacturing in the Chicago region, driven by improvements in new orders and production (while employment growth slowed in September in this report). Regional manufacturing indicators have been mixed in September with stronger readings on the Chicago PMI and Empire State (in ISM terms) and declines in activity suggested by the Richmond Fed and Philly Fed reports. While this survey suggests some upside risk to forecasts, taking all of the information together we continue to look for a moderation in the national ISM manufacturing index for September.

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