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Chicago PMI up sharply
Report shows unexpected strength in manufacturing; prices paid and hiring readings spook bonds.
May 28, 2004: 10:27 AM EDT

NEW YORK (CNN/Money) - The Chicago PMI report, the latest reading of manufacturing activity, Friday showed far greater strength than expected, and suggested increasing inflationary pressures and hiring in the sector.

The index, based a survey of purchasing managers in the Chicago area that is seen as a bellwether report on overall manufacturing, came in at a seasonally-adjusted 68.0 for May, up from 63.9 reading in April. Economists surveyed by Briefing.com had forecast a slight decline to 62.0, but even that reading would have shown strength since any reading above 50.0 shows growth in the sector.

The survey's hiring index came in at 54.8, up from 50.9 in May, while the price paid index from the survey climbed to 80.0 from 76.1. Those two readings are of particular interest to investors trying to gauge when the Federal Reserve will start to raise interest rates.

Employment and inflation reports the last two months have raised investor anticipation of a Fed rate hike at its June meeting. Bond prices fell and yields, which move in the opposite direction, rose immediately following Friday's Chicago PMI report.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.