Chicago PMI Sample Index Shoots Higher

November was a very good month for Chicago's PMI sample as the index shot 8 full points higher to a 66.4 level that is more than 7 points above Econoday's consensus range.

New orders surged to their best showing in 4-1/2 years with delivery times the longest in 14-1/2 years. A solid pace of production and a build in backlogs are two more positives. Hiring picked up in the month although more than 1/3 of the sample say labor issues, including lack of quality labor, are negatives for the coming year. Input costs eased in November but remained elevated.

This report can be volatile as demonstrated with today's results which contrast with other business surveys that indicate November's pace either held steady or slowed.