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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 6/30/06 For Jun 2006 | ||||||||||||
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Highlights
The Chicago purchasing index fell back sharply from 61.5 in May to 56.5 in June. The report, often volatile and not noted for large samples, really posted some wild readings in June -- especially prices paid which soared to an astronomical 89.0 from 76.9. The 89.0 reading reflects the exceptionally wide 74 percent of the sample reporting month-to-month increases for input prices. The reading is one of the highest on record and compares with 85.6 following Hurricane Katrina.
New orders were another jaw breaker, down to 57.2 from 69.6. The plus-50 reading does indicate that more purchasers were reporting month-to-month gains than declines, but the big 12-point fall indicates that many fewer were reporting gains. Soft growth in new orders points to softening production and employment growth in the months ahead. The employment index fell to 50.4 from 52.8, another negative for the June data.
Markets showed little reaction to the report, which for the bond market is mixed as it shows slowing growth mixed with rising inflation. Nevertheless, the report will likely temper estimates for next week's national reports from the ISM.
The NAPM-Chicago's main index showed a sharp acceleration in business conditions during May with a jump to 61.5 from 57.2 in April. New orders and backlog orders were up while production softened although remaining positive.
NAPM-Chicago Consensus Forecast for June 06: 59.0
Range: 56.0 to 60.5
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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. |
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