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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 3/31/05 For Mar 2005 | ||||||||||
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Highlights
The Chicago purchasers' index jumped sharply to 69.2 in March from 62.7 in February, pointing to new acceleration in the region's economic growth.
The rise in the index, which is a composite of sub-indexes, was boosted by a jump in production to 75.8 from 68.5. Strong production equates with strong employment, which soared to 66.0 in March from 57.7 in February -- a reading that may reawaken hunches for an extra strong jobs report tomorrow.
But the report, which is a survey of Chicago-area purchasers from all sectors of the economy, often shows unusual volatility, perhaps the result of a small sample size.
Still, other readings also showed enormous strength, including new orders which jumped to 76.7 from 68.5. Interestingly, inventories contracted, to 47.3 from 53.2 in a decline indicating drawdown consistent with strong demand. There were less interruptions in deliveries and a slight downtick in otherwise still sharp month-to-month increases in prices for basic materials.
The financial markets showed little initial reaction to the report but may yet as the day unfolds. The results will up estimates for tomorrow's ISM manufacturing survey (released at 10:00 a.m. ET), a report that will otherwise be forgotten in the aftermath of the jobs data (8:30 a.m. ET).
The NAPM-Chicago's business barometer inched up to 62.7 in February from a level of 62.4 in January. This index, which measures both manufacturing and non-manufacturing activity in the Chicago region, was pretty strong for the month. It remains to be seen whether activity remained healthy in March.
NAPM-Chicago Consensus Forecast for Mar 05: 61
Range: 58 to 63.5
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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. |
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