Chicago PMI Expands For 25th Month
The Chicago PMI business barometer slipped slightly in October to a reading of 58.4 after 60.4 in September. However, October was still marked as a month of expansion, making it the 25th month in a row. Business activity showed mixed results as employment was the highest in 6 months, but new orders were down from September’s positive gain.
Production levels held steady while order backlogs increased considerably into expansion territory. Inventories were down from September, but supplier deliveries improved almost 4 points. Prices paid were higher in October as production material fell back. MRO supplies dropped to a 7-month low.
Source: Chicago Purchasing Managers