Economic Update: Chicago Purchasing Managers Index
The Chicago Purchasing Managers Index (PMI) for November rose to a reading of 50.4, which was below the consensus expectations for a reading of 50.5.
However, the alarming part of the report came in the New Orders component.
The New Orders component was reported at 45.3 vs. 50.6 last month (prior: 47.4) â?? this was the lowest level for New Orders since June 2009
The Prices Paid component: 70.1 vs. 59.3 last month (prior: 59.3)
The Chicago PMI is designed to indicate the health of the manufacturing sector in the region. Readings above 50.0 indicate expansion while readings below 50 indicate contraction.
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