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Chicago PMI Beats Expectations Of 58, Prints At 60.6, Better Than previous 60.4, Prices Paid Surges

Submitted by Tyler Durden on 10/29/2010 09:50 -0400

Chicago PMI

Chicago PMI comes at 60.6, beats expectations of 58, and an improvement of last month's 60.4. Shares take a step down as traders, like good Pavlovian dogs, have learned that good news is bad. Nothing too notable within the index itself except for Prices Paid which sure from 55 to 68.9.

Digging through the report:

- Employment: 54.6 vs. Prev. 53.4
- New Orders: 65.0 vs. Prev. 61.4
- Prices Paid: 68.9 vs. Prev. 55.0
- Production: 69.8 vs. Prev. 64.3

- advertisements -

Fri, 10/29/2010 - 09:58 | 685583 firstdivision

I saw these numbers print and laughed. Nice to see that it "beat overall expectations", yet Consumer Sentiment missed...but I still hate UM's Consumer Sentiment. I can talk to 500 people on the street today and tell you that their sentiment is not all that great.

Fri, 10/29/2010 - 10:04 | 685591 Cortez

Latest QE2 expectations are coming in at six trillion below infinity.

In other breaking news, CNBC is bullish. San Fernando Valley needs to make a CNBC-inspired porn flick in which the female anchors get uncontrollably horny when the market is on fire.

Fri, 10/29/2010 - 10:18 | 685629 SheepDog-One

Isn't that what CNBC already is?

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Throw in some nudity and you'll have the Completely Nude Bullshit Channel.

Fri, 10/29/2010 - 10:39 | 685684 firstdivision

I have already put an ad on Craigslist looking for girls, and picked up an HD camcorder.

Fri, 10/29/2010 - 10:08 | 685606 Panafrican Funk...

Comments from the ISM-Chicago members:

https://www.ism-chicago.org/chapters/ism-ismchicago/files/ISM-C%20September%202010.pdf

1. Suppliers have cut staff so much there is no support team when a failure occurs, the response is slow, laborious and inadequate.

2. Tight raw material inventories both in-house and at suppliers are making planning very interesting. Conservative forecasts make this a prudent strategy but current skittish markets can either validate or wreak havoc upon it. Roll the dice.

3. Small business lending is picking up a little. Foreclosures on both Commercial and Residential properties are increasing. We are beginning to see an increase in people walking away from their mortgage obligations because of the decrease in the underlying values of their properties.

4. Just wondering how long this will last!

5. Look for consumer food prices to rise soon. Food manufacturers simply cannot continue to absorb commodity increases.

6. We have a price increase going into effect October 1st, which increases orders for September.

7. For our business, there is a lot of forward looking quotational activity, no new orders, but construction of projects which receive financial approval back in the Spring.

Fri, 10/29/2010 - 10:19 | 685638 -Michelle-

That certainly puts a different spin on things.

Fri, 10/29/2010 - 10:51 | 685708 Atomizer

October ISM survey

Small to mid-sized business continues in a distressed state. Good, sound lending opportunities are out there but so few that there is intense competition for the loan relationship.

Customer-Supplier relations are deteriorating due to premature pricing pressures. Apparent lack of suppliers removing costs from the supply chain. This is leading to reduction of partnered positions in favor of a more transactional approach.

Business seems much improved over the last several months. Steel deliveries have slowed & the machine shops that I use seem very busy.

Aluminum ingot lead times expanding from the mills. Sheet steel production is slowing, thusly increasing those lead times as well.

Price and availability concerns about India/Pakistan floods impact on cotton crops/production/long term recovery.

Raw material prices escalating at unimaginable rate and pace.

Still very murky. I keep hearing optimism, but it hasn't translated into orders to us.

Significant layoffs experienced by our company this year.

Things are still strong, but hints of a slow down keep showing!

http://www.kingbiz.com/reports/ISM-C%20October%202010.pdf

Fri, 10/29/2010 - 11:41 | 685819 -Michelle-

Raw material prices escalating at unimaginable rate and pace.

Fri, 10/29/2010 - 11:18 | 685766 HarryWanger

Interesting. So after July's -11 on the ECRI, we're now sitting at -6.5 and continuing to trend up. When QE1 was put in place the ECRI rose upward through early Dec. '09. About a 7 month up trend before fizzling along with QE1.

Wonder what this means for QE2?

Fri, 10/29/2010 - 11:25 | 685780 sbenard

Is "Prices Paid" a sign of the embers of inflation? That was a pretty big ember, if this is the case!

Fri, 10/29/2010 - 12:57 | 686072 99er

Chart: Crude

http://99ercharts.blogspot.com/2010/10/crude.html

http://www.zerohedge.com/forum/99er-charts

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Chicago PMI Beats Expectations Of 58, Prints At 60.6, Better Than previous 60.4, Prices Paid Surges

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