Last Update: 27-Feb-15 10:27 ET
- The Chicago PMI declined to 45.8 in February from 59.4 in January. The Briefing.com Consensus expected the index to fall to 58.0.
- This was the first reported contraction in the Chicago region since April 2013 and the largest contraction since the index dropped to 42.7 in July 2009.
- Readings throughout the report were abysmal, and every index, with the exception of supplier deliveries (58.3 from 54.9), contracted in February.
- Production levels contracted as the related index fell to 44.8 in February from 64.1 in January, and ordering conditions do not seem set for a reversal in production growth next month. The New Orders Index fell to 42.0 in February from 61.6 in January. Unfilled order levels contracted for the second time in three months, falling to 41.1 in February from 51.9 in January.
- The Employment Index declined to 49.8 in February from 60.1 in January.
- 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.