Chicago PMI Jumps to 58.7 in May from 49.0 in April

Purchasing Management-Chicago said Friday.

The data is compiled on a seasonally adjusted basis. An index reading below 50 signals a slowing economy, while a level above 50 suggests expansion.

Economists polled by Thomson Reuters predicted a 50.0 reading for the index.

The production index gained to 62.7 from 49.9, the new orders index increased to 58.1 from 53.2, the order backlogs rose to 53.1 from 40.6 in the prior survey and inventories dipped to 40.4 from 40.6. The employment index gained to 56.9 from 48.7; and the supplier deliveries index was at 52.3, up from 47.9 last month. The prices paid index rose to 55.3 from 51.0.

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