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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: Haim R. Branisteanu	12/30/2009 10:57:45 AM
	of 74559

Chicago PMI Dec Index At 60; Beats Expectations 1453 GMT [Dow Jones] Chicago PMI Dec .index comes in at 60, beating expectations for 55.5 reading and above Nov.'s 56.1 level. New orders at 63.5 vs 62.8, and employment takes a big jump to 51.2 from 41.9. (ML) Contact us in New York. Robert Flint, 212-416-2216; robert.flint@dowjones.com Chicago Business Index: Economic Activity Surges In December By Howard Packowitz Of DOW JONES NEWSWIRES CHICAGO (Dow Jones)--Business activity in the U.S. expanded at a much faster than expected pace in December, as a survey of Chicago area purchasing professionals showed the economy is well on its way to recovering from the worst slowdown since the Great Depression. Even the lagging employment sector showed signs of growth this month. The Institute for Supply Management-Chicago said Wednesday that its business barometer--formerly the Chicago purchasing managers index--jumped to 60.0 in December, from 56.1 in November. December marked the third straight month that the index signaled economic expansion. Economists surveyed by Dow Jones Newswires predicted slower growth, as the consensus estimate was for the index to stand at 55.5. Readings above 50 indicate expansion, while sub-50 readings show contraction in the economy. The barometer has generally been on the rise since March when it fell to its lowest point of the recession, 31.4. Employment has been one of the slowest-to-recover sectors in the Chicago index, but even that category revealed expansion. The employment index rose to 51.2 in December, from 41.9 in November. Wednesday's data came as investors look for evidence of whether the economic recovery is strong enough to warrant a series of inflation-fighting interest rate increases, and require other steps by the Federal Reserve to lift its easy money policies. In addition to offering a snapshot on current economic conditions, the business barometer is scrutinized because it closely precedes release of the nationwide Institute for Supply Management's index on manufacturing activity. The December ISM index is due for release Monday at 10 a.m. EST. The Chicago Business Barometer is compiled for ISM-Chicago by Kingsbury International. Next month's business barometer is scheduled to be released on Jan. 29 at 9:45 a.m. EST. -By Howard Packowitz, Dow Jones Newswires; 312-750-4132; howard.packowitz@dowjones.com.

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