by Calculated Risk on 11/30/2018 10:02:00 AM

From the Chicago PMI: Chicago Business Barometer Surges to 66.4 in November

The MNI Chicago Business Barometer surged to an 11-month high of 66.4 in November, up 8.0 points from October’s 58.4.

Business activity recorded its most impressive performance so far this year in November, ending a three-month run of declines. Although broad-based, with increases across all five of the Barometer’s subcomponents, resurgent orders, solid output and higher unfinished orders were the month’s key drivers.
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Building on October’s rise, the Employment indicator strengthened further in November, hitting a three-month high and moving further clear of the neutral-50 mark.
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“The MNI Chicago Business Barometer clipped a run of three consecutive declines in emphatic style in November, boosted primarily by resurgent orders – stronger than typically seen at this time of year and enough to push the Barometer to its best level since December,” said Jamie Satchi, Economist at MNI Indicators.

“However, many firms reported seeing the effects of higher China tariffs on their invoices for the first time, and voiced concern that business could be stifled going forward,” he added.
emphasis added

This was well above the consensus forecast of 58.0.