Economic Update: Chicago Purchasing Managers Index
The Chicago Purchasing Managers Index (PMI) for October rose slightly to a reading of 49.9, which was below the consensus expectations for a reading of 51.0.
Note that the overall reading remained below the 50 level (which indicates a contraction in the sector) for the second time since September 2009.
The New Orders component was reported at 50.6 vs. 47.4 last month (prior: 54.8)
Prices Paid: 59.3 vs. 63.2 last month (prior: 57.0)
Employment: 50.3 vs. 52.0 last month (prior: 57.1)
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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