tag:blogger.com,1999:blog-2175221250397068442.post741708472843391349..comments2023-09-20T14:49:49.816+02:00Comments on fasesdelabolsa: Chicago PMI jumps to 65.9% in OctoberBilliehttp://www.blogger.com/profile/10170799879562687416noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2175221250397068442.post-59977899819953533342013-10-31T17:09:19.405+01:002013-10-31T17:09:19.405+01:00WASHINGTON (MarketWatch) — A key Midwestern manufa...WASHINGTON (MarketWatch) — A key Midwestern manufacturing gauge jumped in October, indicating that companies may not have been as affected by the government shutdown as feared.. <br /><br />The Chicago purchasing managers index jumped to a reading of 65.9 in October, up from 55.7 and well ahead of the consensus of 54.5. Readings above 50 indicate expansion. <br /><br /><br />The October reading was the best since March 2011. <br /><br />After the release of the Chicago PMI data — which subscribers get three minutes ahead of the public — Treasury prices turned mostly lower. The benchmark 10-year note /quotes/zigman/4868283/delayed 10_YEAR +1.02% yield , which moves inversely to price, rose a basis point on the day to 2.546% after hitting a low of 2.500%. <br /><br />Manufacturing has been treading water since the summer. <br /><br />Thomas Simons, money market economist at Jefferies & Co, said that the report was one of a handful of manufacturing indicators that have show signs of breaking out of the doldrums. <br /><br />“We are optimistic about a recovery in the manufacturing sector in the second half of the year, and today’s release suggests our optimism is well placed,” Simons said. <br /><br />Others were more skeptical and wanted to see more evidence of a pickup. <br /><br />“We believe that the report may be exaggerating the extent of economic growth momentum,” said Millan Mulraine, director of research at TD Securities. <br /><br />“A clearer picture will begin to emerge on the impact of activity from the shutdown with the release of the ISM manufacturing and payroll reports,” he said. <br /><br />The internals of the Chicago PMI saw double-digit gains in many key categories. <br /><br />Orders rose to 74.3, its highest level in nine years, from 58.9 in the prior month. Production jumped to 71.1 from 58.0, the best reading since February 2011. <br /><br />Orders backlogs increased to 61.0 from 46.7, also its highest level since March 2011. <br /><br />Employment also increased to its highest level since June. <br /><br />Chicago is just one of several regional surveys and can be quite volatile, noted Jim O’Sullivan, chief U.S. economist at High Frequency Economics. <br /><br />The national ISM index was up to 56.2 in September. Before the Chicago PMI, analysts had expected the ISM to soften a bit to 55.0% in October. <br /><br />Cooper Howes, an economist at Barclays, said it has raised its forecast for the national ISM to 56.0 from 55.5 prior to the Chicago PMI. <br /><br />“We have written in the past that the Chicago PMI tends to have the most predictive power of all the regional surveys when it comes to forecasting the manufacturing ISM, and a print of 56.0 would suggest that there was little slowdown in activity relative to the September print of 56.2,” Howe said in a note to clients. <br />geniopolis.nethttps://www.blogger.com/profile/11496455762705098909noreply@blogger.com