Last Update: 29-Aug-14 10:14 ET
- The Chicago PMI increased to 64.3 in August from 52.6 in July. The Briefing.com consensus expected the index to increase to 54.8.
- Production levels, which barely maintained an expansion in July, jumped to its highest point since October 2004. The index increased to 74.7 in August from 51.4.
- New orders surged to 65.6 in August from 55.7 in July, but many of those orders went unfilled. The backlogs index ended a one-month contraction, increasing from 58.3 in August from 45.2 in July. That gain suggests production growth can be maintained for at least another month.
- The employment index weakened, dropping from 59.8 in July to 55.9 in August, but remained well above the expansion/contraction threshold.
- The Chicago PMI has little overall economic value, and is only watched by the financial markets because it is usually released one day in advance of the similar national ISM manufacturing survey. A significant move in this regional survey will therefore sometimes be seen as having predictive value for the ISM index.