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Economy

Chicago PMI Follows the Rest: Wrong Way!

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By Jon C. Ogg Updated Published
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The reading for the Chicago Business Barometer for August just hit the lows of 2010.  The reading of 56.7 compares to a reading of 62.3 in July.  Dow Jones had expectations of 57.6 projected, while Bloomberg’s were 56.0.

The negativity was weighed down by a steep drop in new orders which fell to 55.0 in August from 64.6 in July.  About the only decent part of this is that employment at least didn’t fall off a cliff as the August reading was 55.5 versus 56.5 in July.

The other components of the reading formerly known as Chicago Purchasing managers were are as follows:

  • Production 57.6 in Aug. vs 65.0 in July
  • Order Backlog 56.2 in Aug. vs. 57.6 in July
  • Inventories 46.5 in Aug. vs. 50.8 in July
  • Deliveries 61.2 in Aug. vs. 59.4 in July
  • Prices Paid 57.2 in Aug. vs. 58.1 in July

Isn’t The New Normal just great?
JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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