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2008 Economic Calendar |
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Resource Center » U.S. & Intl Recaps | Release Dates | Why Investors Care | Today's Calendar
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The National Association of Purchasing Management - Chicago compiles a survey and a composite diffusion index of business conditions in the Chicago area. Manufacturing and non-manufacturing firms are both surveyed, but until recently, market players have believed that the survey primarily covers the manufacturing sector. Readings above 50 percent indicate an expanding business sector. The NAPM - Chicago is considered a leading indicator of the ISM manufacturing index. Why Investors Care
| Released on 1/31/05 For Jan 2005 | ||||||||||
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Highlights
Readings in the Chicago purchasers' report were steady in January, a contrast to severe volatility over much of last year.
The overall index rose to 62.4 from 61.9 in December. Order measures were steady and firm, with new orders at 65.8 vs. 64.9 and backlogs at 53.7 vs. 54.3.
The report's employment index was also stable, showing moderate hiring at 52.8 in January vs. 51.1 in December.
Prices paid showed a big drop, to 76.5 from 84.4. The decline likely reflects falling energy costs (note the report does not offer analysis or comments from respondents).
Supplier deliveries dropped sharply to 58.3 from 64.4, indicating an easing of delays and contrasting with anecdotal reports of transportation snags in the month from extreme weather and tight availability.
This report, which covers both non-manufacturing and manufacturing, is over-read and misunderstood by the financial markets and many economists. In any case, the markets showed little reaction.
The business barometer from the NAPM-Chicago fell back a couple of points to 61.9 in December from November's level of 63.8. The level is also down from October's high of 67.7. While a declining trend is sometimes considered negative for economic growth, consider that the level of the index remains strong. Also, remember that this covers manufacturing as well as non-manufacturing conditions in the Chicago area.
NAPM-Chicago Consensus Forecast for Jan 05: 59.5
Range: 57 to 63
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The NAPM-Chicago Survey registers manufacturing and non-manufacturing activity in the Chicago region. Investors care about this indicator because the Chicago region mirrors the nation in its distribution of manufacturing activity. Consequently, the NAPM-Chicago survey often moves together with the ISM index, but is reported one day in advance. |
| 2005 Release Schedule | ||||||||||||||||||||||||||
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