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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 8/31/06 For Aug 2006 | ||||||||||||
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Highlights
Chicago purchasers reported steady and strong business activity in August, results that may boost expectations for Friday's ISM manufacturing report and ISM's non-manufacturing on Wednesday. Chicago's index edged lower to 57.1 from 57.9 in July with new orders, which point to future activity, very solid at 59.6 from 60.0. A possible plus for tomorrow's monthly jobs report was a sharp rise in the employment index to 55.1 from 50.5.
Backlog orders contracted sharply, to 44.1 vs. 48.2. The reading reflects strong production, at 61.7 vs. 64.1, and belies new delays in supplier deliveries, at 58.2 vs. 55.5. Prices paid, despite dipping back, remain extremely elevated at 75.2 vs. nose-bleed readings of 86.8 in July and 89.0 in June. The still very high prices paid reading isn't likely to shake up the markets given that the index hasn't been below 60 in more than a year, a period which has seen only modest bleed through to final prices. Financial markets showed no significant reaction to the report.
Regional manufacturing indexes have generally been softer than the national industrial production numbers. In July, the Chicago purchasing managers index edged up to 57.9 from 56.5 in June. However, the orders index showed somewhat more strength, rising almost 3 percentage points to 60.0. But what is still keeping market attention is the prices paid index, which remained high at 86.8 compared to 89.0 in June.
NAPM-Chicago Consensus Forecast for August 06: 56.1
Range: 55.0 to 58.0
![[Chart]](chart.gif)
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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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