"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Thursday, December 30, 2010

They Cite CPI, You Cite Chicago PMI.

Remember how I said that the analysts were looking for a contraction to a level of 62.0%? Yeah, well, we did a little better than that. the business barometer hit a seasonally adjusted 68.6%, marking a 610 bps increase. Production has hit the highest levels since October 2004, and employment hit the highest level in more than 5 years.
Sure, it's just Chicago. But the Chicago PMI is seen as a barometer for the whole nation. Because that's the Chicago way!
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