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.
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
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
