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B4 The Bell Fireday July 30


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10:03am 07/30/04

 

U.S. July Chicago PMI jumps to 64.7% By Rex Nutting

CHICAGO (CBS.MW) -- A measure of manufacturing in and around Chicago stood at 64.7 percent in July after 56.4 percent in June and a nearly 16-year high of 68 percent in May. The average of a survey of economists by CBS MarketWatch was for a reading of 59 percent. The report is a diffusion index, meaning readings above "50" indicate expansion. The expansion in the region has now spanned 15 straight months. The measure of new orders stood at 68.7 percent. Production was 69.5 percent. Prices paid was 77.6 percent. Employment was 45.6 percent. Some economists believe the Chicago report helps telegraph the often market-sensitive national factory snapshot, the Institute for Supply Management's monthly index due for release Monday. Wall Street forecasts are for a little changed reading near 61 percent.

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