Chicago PMI Jumps to 65.5 in May from 63.0 in April

The Chicago Purchasing Managers' Business Barometer gained to 65.5 in May from 63.0 in April, the National Association of 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 61.0 reading for the index.

"The Barometer's faster expansion was helped by a return to normality following the adverse weather conditions of Q1, with companies playing catch-up to make up for lost output," according to a press release. "This was clear from the large spike in Order Backlogs to a three year high, as companies faced a double whammy of strong new demand as well as having to shift existing orders."

 

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER