Chicago Purchasing Managers Index (PMI) is showing a much stronger read than anticipated for the month of May. After weak readings in income and spending, this at least leans a bit more toward a snapback recovery.
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Chicago PMI rose to 65.5 in May from 63.0 in April. What should stand out the most here is that this one-month reading was the strongest report going back to early in 2011. Bloomberg was calling for a reading as low as 61.0, and the highest economist expectation given was 64.5. In short, Chicago PMI blew the doors off the hinges.
Now keep in mind that the Chicago PMI for April at 63.0 was from a very low reading of 55.9 in March. This is now two months of acceleration. We just have to keep in mind that this is one region, but this region is the one that economists often use a national barometer.
The markets remain soft, with the S&P 500 down two points and the DJIA down 45 points at last check. That is after a record close on Thursday.
ALSO READ: Personal Income and Spending Do Not Signal Snapback Economy
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