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Karim writes:

Shocker is employment component of Chicago PMI
->up from 47.6 to 59.8; was at 38.1 in October.

ISM employment component has been above 50 for the past 3mths but hasn’t translated into real job gwth.

Full Chicago details:



Jan Dec
Activity 61.5 58.7
Prices paid 66.2 55.6
Production 66.6 64.2
New Orders 66.4 64.4
Order backlogs 54.3 52.0
Inventories 48.7 38.6
Employment 59.8 47.6

  • Final Michigan Survey up to 74.4 from 72.8 prelim and 72.5 in Dec
  • 5-10yr inflation expectations up to 2.9% from 2.8%


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