by Bill McBride on 7/31/2015 10:02:00 AM
Friday, July 31, 2015
Chicago PMI July 2015: July Chicago Business Barometer Up 5.3 Points to 54.7
The Chicago Business Barometer increased 5.3 points to 54.7 in July led by a double digit gain in Production and accompanied by gains in New Orders and the other three components.This was well above the consensus forecast of 50.0.
Companies reported a strong revival in output in July after five months of relatively weak business activity. Production rose sharply by 12.0 points to 61.8 amid a bounceback in inventory growth to the highest since April underpinned by a solid gain in New Orders.
Chief Economist of MNI Indicators Philip Uglow said, “The recent weakness in the Chicago Business Barometer had sounded a few alarm bells over the resilience of the US economic recovery. The positive start to the third quarter, however, suggests that activity bounced back firmly as firms saw orders and output increase sharply.“
Click on graph for larger image.
The final University of Michigan consumer sentiment index for July was at 93.1, down from the preliminary reading of 93.3, and down from 96.1 in June.
This was below the consensus forecast of 94.1.
Posted by Bill McBride on 7/31/2015 10:02:00 AM