Thursday, March 31, 2016

Chicago PMI increases to 53.6

by Bill McBride on 3/31/2016 09:52:00 AM

Chicago PMI: March Chicago Business Barometer Up 6.0 Points to 53.6

The Chicago Business Barometer increased 6.0 points to 53.6 in March, led by sharp bouncebacks in Production and Employment.
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The increase in the Barometer was led by a very sharp rise in Production, which followed an even steeper decline in the previous month. The biggest surprise came from the Employment component which rose above the 50 mark in March and to the highest level since April 2015.
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Chief Economist of MNI Indicators Philip Uglow said, “The most signficant result from the March survey is the pick-up in the Employment component which has remained weak for much of the past year. Looking through some of the recent volatility, the data are consistent with steady, not spectacular, economic growth in the US.“
emphasis added
This was above the consensus forecast of 50.3.