Chicago Completes The Roundhouse

by: Wall Street Strategies

By David Urani

The Chicago PMI index is out, which means we got a full sweep this month, with each of the regional manufacturing readings rising higher. The 64.0 reading was up from 60.2 in the previous month, and above the 61.0 consensus estimate. The components looked good, including new orders at the highest level since March. But what was really striking was employment, which was at its highest since 1984. It's also notable that the Dallas employment component was the highest since January 2006, although the other regional employment figures weren't as good as Chicago and Dallas. (Note: the Chicago Fed NAPM index released last week was also higher).

Considering the good turnout for the month, we like the prospects for the ISM tomorrow.