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2008 Economic Calendar |
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Resource Center » U.S. & Intl Recaps | Release Dates | Why Investors Care | Today's Calendar
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The National Association of Purchasing Management - Chicago compiles a survey and a composite diffusion index of business conditions in the Chicago area. Manufacturing and non-manufacturing firms are both surveyed, but until recently, market players have believed that the survey primarily covers the manufacturing sector. Readings above 50 percent indicate an expanding business sector. The NAPM - Chicago is considered a leading indicator of the ISM manufacturing index. Why Investors Care
| Released on 1/31/06 For Jan 2006 | ||||||||||||
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Highlights
The Chicago purchasing managers' index showed solid acceleration in the area's business activity, at 58.5 in January vs. 60.8 in December. New orders remained robust, at 63.7 vs. 65.7. Levels in the 60s reflect the big proportion of respondents reporting rising conditions vs. declining conditions, in the case of new orders 43% vs. 19% (with the remaining 38% saying unchanged).
Strong production combined with a third month of faster deliveries appear to have slowed inventory growth and to have made a big dent in order backlogs, which at 48.3 showed contraction for only the third time in the last two years. Employment was a bit soft at 50.2 vs. 50.9 in December.
Prices paid, at 75.3, remains very high but down from the 80s and 90s of the prior two readings. Note the ISM's manufacturing and non-manufacturing price indexes have also been easing but still remain in the mid to high 60s.
The financial markets showed little reaction to the data, which nevertheless should firm expectations for solid though not spectacular readings in tomorrow's ISM manufacturing report.
The NAPM-Chicago's business barometer dipped 0.2 points in December to 61.5 based on last Friday's revised estimates for seasonally adjusted figures. This index, which measures both manufacturing and non-manufacturing activity in the Chicago region, is often considered a leading indicator for the ISM manufacturing index. The New York and Philadelphia Fed surveys were lower in January than in December but still showed expanding manufacturing activity for the month.
NAPM-Chicago Consensus Forecast for Jan 06: 59.5
Range: 55.5 to 62
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The NAPM-Chicago Survey registers manufacturing and non-manufacturing activity in the Chicago region. Investors care about this indicator because the Chicago region mirrors the nation in its distribution of manufacturing activity. Consequently, the NAPM-Chicago survey often moves together with the ISM index, but is reported one day in advance. |
| 2006 Release Schedule | ||||||||||||||||||||||||||
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