Chicago Purchasing Managers: Concerns of Higher Prices, Lower Orders & Employment
The March reading from the Chicago Purchasing Managers index came in at 62.2, and the Bloomberg consensus was listed as 63.0 and that was down from 64.0 in February. The problem is not just that the overall figure was shy. …
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- Prices paid, the inflationary component, jumped to 70.1 from 65.6 in February.
- Supplier Deliveries only rose 0.1% to 57.8 in March from 57.7 in February.
- The employment index tanked down to 56.3 in March from 64.2 in February.
- Even new orders tanked down to 63.3 in March from 69.2 in February.
This is often viewed as the prelude to the ISM data because it is the reading from America’s Heartland. The correlation is not always there, but this news this morning is far worse than just being short on the headline number.
JON C. OGG
Contact [email protected] for any questions or corrections.
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.
