CPM Survey, A Big Surprise
Something alot of people missed today, the business index of the Chicago Purchasing Managers’ survey rose 6.5 points to 69.2 in March, the highest reading since July 1988.
Indexes tracking production (+7.3 points to 75.8) and new orders (+8.2 points to 76.7) soared in March. The employment index hit 66.0, up 8.3 points from the prior month and the highest since December 1983.
The price index fell to 68.2 from 70.1 in February. The level of the price index remains high. The implied strength of this survey will be confirmed or refuted by the ISM survey results to be published on April 1. And maybe, the Non Farms Payroll report will have a big surprise as well.
Indexes tracking production (+7.3 points to 75.8) and new orders (+8.2 points to 76.7) soared in March. The employment index hit 66.0, up 8.3 points from the prior month and the highest since December 1983.
The price index fell to 68.2 from 70.1 in February. The level of the price index remains high. The implied strength of this survey will be confirmed or refuted by the ISM survey results to be published on April 1. And maybe, the Non Farms Payroll report will have a big surprise as well.
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