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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 9/29/06 For Sep 2006 | ||||||||||||
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Highlights
Chicago purchasers reported a sharp increase in activity during September, to 62.1 vs. 57.1 in August, results that contrast sharply with abrupt slowing in last week's Philadelphia Federal Reserve report on manufacturing. But Chicago's sample, unlike Philadelphia's, includes an unknown percentage of non-manufacturers, a fact that distorts the comparison and clouds other conclusions on the manufacturing sector.
New orders, at 67.3 vs. 59.6, jumped sharply in contrast to both the Philadelphia and Empire State reports. The pace of inventory accumulation really climbed, up 63.5 vs. 51.3. In any other report the inventory climb would be considered an unwanted buildup tied to disappointing demand, but given this report's strength, the assumption lies in the reverse that accumulation is intentional and in anticipation of rising demand. Backlog orders also rose in Chicago's data, to 51.0 vs. 44.1.
But employment showed little growth at 50.8 vs. 55.1, with prices paid, despite the big drop in oil, still showing severe month-to-month pressure at 69.8 vs. 75.2.
The ISM's manufacturing report on Monday will help settle what is a muddy picture for the manufacturing sector. Bonds turned lower after the data, which was posted alongside an uptick in the University of Michigan's consumer sentiment index. The dollar was little changed.
The NAPM-Chicago purchasing managers index slipped to 57.1 in August from 57.9 in July. The index remains relatively healthy with new orders holding onto very respectable levels. The prices paid index remains very high.
NAPM-Chicago survey Consensus Forecast for Sep. 06: 55.0
Range: 52.0 to 58.1
![[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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