General economic growth in Chicago slowed in September based on the
Chicago PMI which eased to a still very strong 60.4 from 63.6 in August
and 65.5 in July. New orders slowed to a 5-month low and production to a
6-month low. Hiring also moderated reflecting in part what the report
says is lack of qualified candidates.
A build in backlogs is a
positive while inventories rose on continued reports of pre-buying tied
to concerns of shortages. Supplier deliveries lengthened with
respondents reporting trucking delays tied indirectly to Hurricane
Florence that hit the Carolinas at mid month. Input costs remain
generally elevated.
When taking the last three months together,
the index averaged 63.2 which is the best quarter so far this year and
which puts September's easing in context.
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