The Chicago Purchasing Managers' Index jumped from 46.1 in September to 54.2 in October, easily beating the Bloomberg estimate of 48.5 and hitting its best level in over one year. A reading above 50 indicates that Midwestern manufacturers are expanding production.
The upbeat reading is welcome and the trend is favorable, but the index tends to be volatile. The ISM Manufacturing Index, which is a look at manufacturing on a national basis, is more closely followed and will provide a cleaner look at goods producers when it is released next week.
Friday, October 30, 2009
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