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Chicago PMI, Pending Home Sales Show Continued Momentum in US Economy
In a leading indicator the Chicago PMI came in stronger-than-expected for the December period. The index posted a reading of 62.5, basically matching November 62.6 and much stronger than the forecast of a 60.4 print which would have meant a slower expansion of activity. New orders eased to 60.0 from November 70.2, while the employment index rose to 58.6 from 56.9 – a positive for the US labor market. The Chicago PMI is important because the factories in that region track the US auto industry quite nicely and the report shows that the pick up in momentum in the US economy, which we have seen from data over the last ... (full story)
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