Friday, April 30, 2010

Chicago Purchasing Managers Index Report

Released on 4/30/2010 9:45:00 AM For Apr, 2010

Prior Consensus Consensus Range Actual
Business Barometer Index - Level 58.8  60.0  57.0  to 61.5  63.8 
Business is accelerating sharply in the Chicago area, indicated by local purchasers whose composite index rose 5 points to 63.8 in April. Any reading over 50 indicates month-to-month growth and the higher the reading over 50 the faster the growth. Strength is centered where it's centered best, in new orders which rose more than 3 points to a very strong 65.2. Production follows new orders and is already very strong at 63.1 for a more than 2-1/2 point gain.

Increased production means increased demand for workers with employment arguably the best news of this report. Employment jumped more than 4 points to 57.2 indicating that Chicago businesses are hiring. A build in backlogs, up more than 7 points to 61.4, is a central factor behind the need for labor and this reading points to further hiring ahead.