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The reading for Chicago Purchasing Managers for August is now back in positive territory. The adjusted August figure is 50.0 vs. 43.4 in July. A reading above 50.0 is growth, a reading under 50 is contraction. Bloomberg had a consensus reading expected at 48.0, and this apparently matches the highest expectation of all economists surveyed.
The real jump here is in inflation as the Prices Paid component was 50.0 vs. 35.0 in July. The other area is in new orders, which came in at 52.5 vs. 48.0 in July. Supplier deliveries also came in 54.6 vs. 49.6 in July.
Employment did gain but was still the worst part of the reading. The employment component came in at 38.7, well under the 50.0 benchmark but also above the 35.3 July level.
JON C. OGG
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