In a “Slowing” Economy, Another “Unexpected” Sign of a Quickening
NEW YORK, Sept 29 (Reuters) - Business activity in the U.S. Midwest region jumped in September to its highest in over a year, a report said on Friday, in a surprise performance which contrasted with recent signs of weakness elsewhere in the U.S. economy.
The National Association of Purchasing Management-Chicago’s index surged to 62.1 in September from August’s reading of 57.1. It was its highest reading since matching 62.1 in July 2005 and it outstripped even the highest forecasts.
A reading above 50 shows expansion in regional activity. The Chicago index has been above that mark for over three years.
The consensus expectation of analysts contacted by Dow Jones Newswires was that the index would go DOWN to 55.1.
Those analysts really need to stop reading those downbeat Associated Press reports like the one I covered and compared to a Reuters report on the same information relating to consumer spending on Friday.
The Institute for Supply Management’s report on Manufacturing for the entire country comes out later today. A “surprise” would not surprise.
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Comment by Hulita — October 17, 2006 @ 11:13 pm