Friday, December 29, 2017

Chicago PMI "Rises" in December "to Six-and-a-Half Year High"

by Bill McBride on 12/29/2017 09:33:00 AM

From the Chicago PMI: December Chicago Business Barometer Rises to 67.6

The MNI Chicago Business Barometer rose to 67.6 in December, up from 63.9 in November, closing the year at the highest level since March 2011.

On a calendar quarter basis, the Barometer rose to 65.9 in Q4 from 61.0 in Q3, the best quarterly performance since Q1 2011, only the second time in the last decade there have been three consecutive above-60 readings in the Oct-Dec period.
...
“Sentiment among businesses started 2017 in good shape and only impressed more as the year progressed. December’s result secured the MNI Chicago Business Barometer’s first full year of expansion since 2014 and with New Orders ending the quarter in fine shape there is every chance this form could be carried over into 2018,” said Jamie Satchi, Economist at MNI Indicators.
emphasis added
This was well above the consensus forecast of 61.8, and a strong reading.